Floyd Mayweather Jr. has settled with the SEC after failing to report payments for promoting cryptocurrency entities on Twitter, The Associated Press reported.
Mayweather agreed to pay a $300,000 penalty, give up another $300,000 and pay $14,775 in interest under the settlement, as the SEC claimed Mayweather failed to report three separate promotion deals that paid him a total of $300,000.
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Among the securities Mayweather touted on his Twitter account (which has almost eight million followers) was Centra Tech, which is facing fraud charges of its own from the SEC.
You can call me Floyd Crypto Mayweather from now on #HubiiNetwork #ICO starts tomorrow! Smart contracts for sports?! #CryptoMediaGroup #ad🤑 pic.twitter.com/25GoMPuS7r
— Floyd Mayweather (@FloydMayweather) August 23, 2017
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Music producer and artist DJ Khaled was also fined by the SEC for promoting Centra. His settlement requires him to pay more than $150,000 in return payments, penalties and interest.