Floyd Mayweather & DJ Khaled are in some legal troubles of their own.
According to reports, both men have been charged by the SEC for failing to disclose payments they received for promoting a cryptocurrency.
Read on to see why Floyd Mayweather & DJ Khaled have been charged by SEC…
CelebNMusic247.com has learned via sources that Floyd Mayweather and DJ Khaled have already agreed to pay hundreds of thousands of dollars in penalties.
Floyd Mayweather & DJ Khaled are FACING HUGE penalties for failing to disclose payments they received for promoting a cryptocurrency.
According to a press release from the Securities Exchange Commission:
Mayweather and Khaled failed to “disclose payments they received for promoting investments in Initial Coin Offerings.”
The SEC says Mayweather failed to disclose payments from Centra Tech Inc. for $100,000. Khaled failed to disclose a $50,000 check he allegedly received from Centra Tech.
Mayweather allegedly made an extra $200,000 from another company to promote other ICOs.
The two founders of Centra Tech, Sam Sharma and Robert Farkas, were arrested earlier this year after using Mayweather and Khaled to promote their coin and sell $32 million of cryptocurrency in the ICO, but later proved to be frauds.
The SEC says, “Without admitting or denying the findings, Mayweather and Khaled agreed to pay disgorgement, penalties, and interest.” Mayweather will pay penalties totaling over $600,000 and DJ Khaled will pay penalties over $150,000.
Both stars also agreed not to promote any securities, digital or otherwise, for years. Mayweather agreed to three years, and Khaled for two.
This is a developing story…
The Blast reported the news first…