Floyd Mayweather agreed to repay more than $600,000 as part of a settlement with the Securities and Exchange Commission that he failed to disclose payments he received for promoting investments in digital-currency securities.
The settlement of civil charges for violating rules on touting investments in so-called initial coin offerings, or ICOs, was announced Thursday by the SEC.
Without admitting or denying the findings, Mayweather agreed to repay $300,000 in illegal transactions, a $300,000 penalty, and $14,775 in prejudgment interest. Mayweather also agreed not to promote any securities, digital or otherwise, for three years
The SEC said Mayweather failed to disclose promotional payments from three issuers of ICOs, including $100,000 from Centra Tech Inc.
Music producer DJ Khaled was also fined by the SEC and agreed to a similar promotion ban for two years. Khaled allegedly didn’t disclose a $50,000 payment from Centra, which he touted on his social media accounts as a “game changer.”
The Associated Press contributed to this report.