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SEC imposes fine on Mayweather and DJ Khaled for ICO promotion | CryptoNews


The US Securities and Exchange Commission (SEC) is on Thursday at Boxing Floyd Mayweather Jr. and music producer Khaled Khaled was fined because they did not disclose that they received payments for the promotion of the Centro Tech ICO Center. made in September 2017.

According to SEC, this Thursday was published by a famous boxer received 100 thousand dollars from the managers of Center Tech to promote the company's initial currency (ICO) offer. In addition, Stox and Hubii Network have deposited a total of $ 200,000 in the Mayweather account for the same purpose.

In another opinion of the regulatory body, it was found out that DJ Khaled received a payment of $ 50,000 from Tech Center to promote this brand on their social networks.

In both communications, the SEC notes that Centra Tech's promotional activities on the celebrity page were "impartial", but it turned out that they were paid for the dissemination of misleading information.

Floyd Mayweather Jr. he used his Instagram and Twitter accounts to post photos and comments for the benefit of the Century Tech's ICO. Source: BlockInsider.

Tech Center was considered one of the most popular early-stage offers of the crypto-market, which managed to utilize a total of $ 32 million in its financial circle. However, it was soon found that the project of the currency crypto that offered the credit card of the crypto-market was actually financial fraud.

Currently, the founders of Centra Tech face 65 years in prison accused of conspiracy and financial fraud. Project leaders are prosecuted for breaking the bill in the sale of tokens in the United States without a SEC authorization, as well as without company information and the misinformation of alleged links to Visa, Mastercard and Bancord for distributing false credit cards. for cryptocentric.

Among the accusations weighed in the Tech Center case, the misleading advertising advertised on social networks by Mayweather and DJ Khaled was highlighted. Celebrities used their Instagram and Twitter accounts to distribute photos and comments that encourage investment in Centra Tech's initial currency offerings, a strategy that has moved a large number of investors

DJ Khaled also received money to publish Center Tech in his social networks and pretended to have done it impartially. Source: TechCrunch.

Participation in the project will be appreciated by celebrities because Mayweather will have to repay $ 300,000 received by Center Tech to regulatory authorities, with an obligation to deposit it within 20 days in the state treasury.

In addition to the refund, Mayweather will pay US $ 300,000 and damage interest costs estimated at $ 14,775.. According to the SEC's decision, the boxer is prohibited from advertising "any digital or other value" for three years and will continue to appear before the authorities in order to provide more information about his case that is still pending.

Khlaed will have to repay the $ 50,000 received for ICO promotion, and he must pay a fine in the amount of 100 thousand dollars and payments for judicial services, estimated at $ 2,725. DJ is also forbidden to promote values ​​in its social networks for a period of two years.

Both communications state that if fines are not paid, they will accumulate with interest in the civilian fines of each individual. Similarly, the accusations were imposed on both persons, since in 2017 – before they decided to participate in the ICO – the authorities explained that the cryptographic pipes could be sold as securities and should therefore be subject to SEC regulations.

Featured image of Yingko /

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