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When crypto investors are looking for some advice, the SEC has made it abundantly clear, Floyd "Crypto" Mayweather shouldn't be on anyone's list of trusted crypto advisers.
Despite the boxing great giving himself that ridiculous nickname, his endorsement deal with Centra turned out to be a really bad move, as did the other deals he made to endorse other cryptos. Centra was recently charged by the SEC with fraud and non-compliance in connection with its ICO, and Mayweather and DJ Khaled (who were likely hyped on becoming a Bitcoin billionaire) both got swept up and heavily fined for their endorsements.
Floyd "Crypto" Mayweather received $300,000 from Centra and other cryptocurrencies, and failed to disclose the payments when endorsing the ICOs. Khaled received approximately $150,000 endorsing cryptos that he also failed to disclose. As the SEC explained in its release, the failure to disclose made each's promotion of the ICOs look unbiased, when in fact they were paid for their promotions. Each agreed to a disgorgement of the money each received plus a 100% fine, as well as prejudgment interest.
In addition to the financial penalties, neither celebrity will be allowed to endorse another cryptocurrency for a few years. And unfortunately for Floyd "Crypto" Mayweather, his ridiculous self-given nickname has the potential to actually stick, because people are mean and like to make fun of celebrities that make costly mistakes and give themselves bad nicknames.
Last year, Centra pulled in over $30 million through its ICO, which promised to be an actual usable cryptocurrency that utilized a debit card. Unfortunately, after it was discovered to be all puffery and lies, the founders were charged by SEC for fraud and offering an unregistered ICO.
For Mayweather and Khaled, the agreed upon stiff penalties seem to indicate neither celebrity were willing to go to bat for the coin. In fact, it was even noted that Mayweather agreed to continue cooperating with investigators in the Centra case.
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.