Mayweather and Khaled Hit With Fines For Promoting Fraudulent Cryptocurrency 

Floyd Mayweather and DJ Khaled in some money trouble! Both have to pay fines worth hundreds of thousands of dollars due to the false promotion of cryptocurrency.

The boxer and DJ were charged by SEC for failure in “disclose payments they received for promoting investments in Initial Coin Offerings.” This statement was recently released from a press release by the Securities Exchange Commission.

In addition, SEC mentioned that Mayweather did not disclose payments from Centra Tech Inc of $100,000. Khaled failed to pay $50,000.

The founders of Centra Tech, Sam Sharma and Robert Farkas, were arrested earlier in the year for using Khaled and Mayweather to promote their coin and sell $32 million worth of cryptocurrency in the ICO. However, they were proven to be frauds.

Mayweather will pay fines at the cost of over $600,000 and DJ Khaled pay over $150,000 in fines.