Thursday , June 30 2022

SEC imposes fines on Mayweather and DJ Khaled for promoting & # 39; ICO CryptoNews



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The Securities Commission and the US Exchange Commission (SEC) imposed fines on Thursday on boxer Floyd Mayweather Jr. and music producer Khaled Khaled not to disclose that they received payments to promote the ICO & # 39; Centra Tech. made in & # 39; September 2017.

According to opinion of the SEC published this Thursday, the famous boxer received 100 thousand dollars from executives & # 39; Centra Tech to promote the Initial Offer & # 39; Currency (ICO) of the company. In addition, the Network of Stox Hubii firms and deposited a total of & # 39; $ 200,000 in the account & # 39; Mayweather for the same purpose.

F & # 39; another opinion of the regulatory body, noted that DJ Khaled received payment & # 39; 50 thousand dollars from Centra Tech to promote that brand on their social networks.

In two communications, the SEC notes that the promotional activities & # 39; Centra Tech, on the part of celebrities, seemed "fair", but resulted paid endorsement to disseminate misleading information.

Floyd Mayweather Jr. used his accounts & # 39; Instagram and Twitter to publish photos and comments in favor of ICO & # 39; Centra Tech. Source: BlockInsider.

Centra Tech was considered one of the most popular credit Initial Offers of cryptographic market, and managed to capitalize total & # 39; 32 million dollar range & # 39; financing. However, it was soon discovered that kriptokurrency project, which offered & # 39; credit card for cryptographic market, was actually financial fraud.

Currently the founders & # 39; Centra Tech face 65 years in jail, accused for conspiracy and financial fraud. The project managers are prosecuted for breaking the law when selling symbol in the United States without authorization & # 39; SEC, as well as allowing information about the company and issuing false information about alleged affiliations with Atari 39; Visa, MasterCard and Bancord to distribute cards & # 39; fake credit. for kriptokonanzi.

Among the charges weighing on the event & # 39; Centra Tech, emphasized the misleading advertising broadcast by Mayweather and DJ Khaled on social networks. Celebrities have used their Twitter accounts and Instragram to distribute photos and comments to promote investment in the Initial Offer Currency & # 39; Centra Tech, last approach a large number of & # 39; investors

DJ Khaled also received money to Centra Tech collaborate on their social networks, pretend that made by & # 39; impartially. Source: TechCrunch.

Participation in the project will cost c-hearted celebrities, because Mayweather wants to return the 300,000 dollars received from Centra Tech regulatory authorities, with the obligation to jiddepożitawha within 20 days in the State Treasury.

In addition to the refund, Mayweather will pay costs & # 39; fine & # 39; $ 300,000 and biased estimated at $ 14 775.. According to the SEC decision, the boxer is prohibited from promoting "any digital value or another" for three years and remains & # 39; appear before the authorities to provide more information about his case, which is ongoing.

Khlaed must return the $ 50,000 received to promote the ICO, and must pay a fine of & # 39; 100 thousand dollars and payments for legal services estimated at $ 2,725. The DJ is also prohibited from promoting the values ​​on social networks for a period of & # 39; years.

Both communications argue that, if fines are not paid, they will be accrued in & # 39; interests in civil monetary fine & # 39; each individual. Similarly, they also stressed that the charges were imposed on two personalities, as in 2017 – before decided to participate in the ICO – the authorities had clarified that kriptokonanzi can be sold as securities, therefore, should be subject to regulations of the SEC.

Picture seen from Yingko / stock.adobe.com

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