REPORTED BY: KEVIN GODDARD/HOTNEWHIPHOP
Floyd had to dish out $600K & Khaled another $150K to settle their SEC charges.
It appears both Floyd Mayweather & DJ Khaled have settled their SEC lawsuit in their cryptocurrency scandal. Last year, both Floyd & Khaled took to their social media accounts to promote a crypto coin called Centra. But the problem is that neither star disclosed that they were getting paid to promote the coin, which is federal charge and the Securities and Exchange Commission came looking.
TMZ reports that Floyd received $300,000 to promote the coin and DJ got $50,000, but it turns out the whole company was a giant scam. Luckily for Khaled & Floyd, they have reached a settlement with the SEC to avoid any serious charges, but it definitely hurt their bank accounts.
Floyd reportedly paid $300k in disgorgement (the money he made for promoting the coin) plus another $300k in fines and another $14k in interest. Meanwhile, Khaled paid $50,000 in disgorgement plus $100,000 in fines plus another $2,725 in interest. Mayweather also agreed to not promote any sort of cryptocurrency for the next 3 years, and Khaled agreed to hold off for 2 years.
However, both Floyd and Khaled can now put this behind them and move forward.