Federal Regulators are watching your every move when it comes to financial transactions in and out of the Country. In 2017 the SEC has been cracking down on ICOs; "a top official said earlier this year that dozens of cases are pending,"
Floyd Money Mayweather & DJ Khaled Super Producer have to shell out $750,000 Dollars combined. Basically they receive payment for promotions of Digital Currency Securities aka cryptocurrency.
DJ. Khaled received a $50,000 from Centra. Floyd Mayweather promoted 3 different ICO's receiving $200,000 from Tech Inc, Centra.
Failure to disclose these earnings resulted in fines being levied against them.
Being Social Media influences they spoke about the ICO's. We all know Instagram was attempting to have everyone disclose paid promotions.
Floyd used words such as “Game Changer” “Floyd Crypto Mayweather” he also told his 7.8 Million followers that Cwntra's ICO ’"starts in a few hours. Get yours before they sell out, I got mine."
This is the Securities and Exchange Commission's first case dealing with charges that violate rules on touting investments in this
initial coin offerings, or ICOs. This maybe the first but it sure won't be the last.
Although settlement was reached neither DJ Khaled or Floyd Mayweather admitted or denied any wrongdoing. The Settlements: Floyd Mayweather - $300,000 Penalty plus $300,000 including $14,775 in interest and 3 year no promotion of securities
DJ. Khaled - $100,000 penalty plus $50,000 including $2,725 in interest and 2 years no promotion of securities.
Word to the wise settle up now or pay the price.