SEC Fines DJ Khaled And Floyd Mayweather For Illegally Promoting A Fraudulent Cryptocurrency

#Roommates, #DJKhaled and #FloydMayweather were just hit with a huge fine from the Securities Exchange Commission for promoting and reportedly failing to disclose that they received payment for their promotion.

In a press release by the #SEC, they claim Floyd reportedly failed to disclose payments from Centra Tech, Inc. for $100K. While DJ Khaled also failed to disclose that he was also paid $50K for his promotion on Instagram.

The two founders of Centra Tech were both arrested earlier this year after using both Floyd and DJ Khaled to promote their coin and sell $32 million worth of cryptocurrency, which later proved to be fraudulent.

Since the news broke, both Khaled and Floyd were hit with major fines totaling hundreds of thousands of dollars. Apparently, Floyd will be paying $600K to settle this matter, while Khaled will have to pay $100K to get himself out of this pickle.

The whole thing sounds like a huge miscommunication, but if nothing else this proves if you have a platform, make sure you know what you’re promoting before you post!

Source: https://www.cnn.com/2018/11/29/tech/dj-khaled-floyd-mayweather-coin-crypto-sec/index.html