SEC Fines Floyd Mayweather and DJ Khaled for ICO Endorsements
The U.S. Securities and Exchange Commission (SEC) fined boxer Floyd Mayweather and music producer DJ Khaled for not disclosing that they were paid to promote initial coin offerings (ICOs).
Mayweather received $100,000 from Centra Tech, as well as another $200,000 from Stox and Hubii Network.
Khaled was paid $50,000 to promote Centra Tech.
The co-founders of Centra Tech were indicted by a grand jury earlier this year on charges of fraud and conspiracy.
Both celebrities have settled the fines and have agreed to comply with ongoing investigations. Mayweather paid upwards of $600,000, and Khaled paid more than $150,000.
Both celebrities are also banned from promoting "any securities, digital or otherwise" for the next few years.
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Despite the negative wrap the SEC, this is good to see. The more scam artists that are taken out of the crypto industry, the better for the whole ecosystem.