Floyd Mayweather Will Pay $600,000 Fine for Promoting ICO
US financial regulator fined legendary boxer Floyd Mayweather and music producer Khaled Khaled for advertising ICO. Together they must pay almost $1 million in fines.
The Security and Exchange Commission (SEC) fined two celebrities - Floyd Mayweather and Khaled Khaled - for advertising ICO scam Centra Tech. According to the regulator, the boxer received $100,000 for the promotion of a crypto project. Khaled Khaled received $50,000. But celebrities did not disclose the information in the promotion, thereby violating the law.
Now Mayweather has to pay the state a $614,000 fine. Khaled got the $152,000 penalty.
SEC also banned Floyd Mayweather from advertising the securities, tokens or “otherwise” for three years. Khaled will be unable to promote projects for two years.
- In May this year, a US court accused the co-founders of Centra Tech of fraud. According to the authorities, they planned to deceive investors to get their money. Law enforcement agencies were able to recover $60 million from the company in favor of investors.