(AllHipHop News) Boxer Floyd Mayweather and Hip-Hop producer/mogul DJ Khaled will pay dearly for promoting a crypto-currency that turned into a $32 million scam.
Floyd and Khaled were named in a lawsuit by jilted investors, who claimed they were bilked out of the money by a company Centra, which sold the so-called "CTR" token.
Sohrab "Sam" Sharma and Robert Farkas drew the wrath of the SEC after it was revealed the men had fabricated their biographies and their relationships with big businesses like Visa and Mastercard.
Floyd will have to shell out $600,000 in fines to the SEC, while DJ Khaled is on the hook for $150,000.
“Endorsements and glossy marketing materials are no substitute for the SEC’s registration and disclosure requirements as well as diligence by investors," said Steve Peikin, who is the co-director of the SEC's enforcement division.
The SEC also banned Floyd and DJ Khaled from promoting any securities, for two years, and three years, respectively.