SAN FRANCISCO (CelebrityAccess) DJ Khaled and Floyd Mayweather Jr. have been charged by the Securities and Exchange Commission with cryptocurrency fraud.
The music producer and boxer were charted with promoting investments in initial cryptocurrency coin offerings without revealing that they’d been paid, according to CNN. The SEC said such offerings may be considered securities and subject to federal securities laws.
Both have already settled with the SEC and agreed to not promote any securities, CNN said, for two and three years, respectively and agreed to return money received to the SEC and pay penalties with interest.
Khaled failed to disclose a payment of $50,000 from issuer Centra Tech. Mayweather failed to disclose $100,000 from the same company and $200,000 from others.