Floyd Mayweather, DJ Khaled Settle With SEC for Hyping ICOs
- Neither celebrity disclosed they were paid to tout offerings
- SEC has warned that not revealing pay could violate the law
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Boxer Floyd Mayweather and music producer DJ Khaled were accused of failing to disclose payments they received for hyping initial coin offerings, making them the biggest names sanctioned in U.S. regulators’ months long crackdown on digital-token misconduct.
Mayweather, one of the his sport’s most recognizable personalities, agreed to pay more than $600,000 to settle with the Securities and Exchange Commission, the agency said in a Thursday statement. Khaled will pay more than $150,000. Both were accused of violating securities laws by touting ICOs on social media without disclosing the coins’ backers had paid them to promote the tokens.