DJ Khaled and Floyd Mayweather charged by US SEC for Illegally promoting Bitcoin

Boxer Floyd Mayweather Jr and music producer DJ Khaled will pay thousands of dollars to settle charges that they violated US financial laws.

The US Securities and Exchange Commission announced the settlement on Thursday as the US financial regulator said the men failed to disclose payments they received to promote certain cryptocurrency investments.

The men neither admitted nor denied the claims, but agreed to pay combined penalties totalling more than $750,000. The two cases are the first the SEC has brought over touting violations involving initial coin offerings or ICOs, a relatively new investment vehicle associated with crypto-currencies. An ICO allows people to invest in a company by buying "tokens" or "coins" that it issues.

Despite the new language, the SEC has warned investors that it views many of the offerings as investments governed by existing securities laws. Those rules require disclosure of payments in exchange for publicity. In this case, the SEC said Mayweather received $300,000 to promote three separate offerings, including one by Centra Tech, a Miami company that the SEC accused of fraud in April.

Mayweather's promotions included a message to his Twitter followers that Centra's ICO "starts in a few hours. Get yours before they sell out, I got mine…" Khaled was paid $50,000 by the same company, the SEC said.

The SEC said DJ Khaled agreed to repay the $50,000 he received for the endorsement, as well as a $100,000 fine and interest while Mayweather will repay the $300,000 he received, as well as a $300,000 fine and interest.

SEC Enforcement Division Co-Director Steven Peikin said the cases were a reminder that investors should "be sceptical of investment advice posted to social media platforms, and should not make decisions based on celebrity endorsements".

Comments

Vulvar Care Tips

Vulva Care Maintaining a healthy vulva and vagina will help prevent infections and discomfort. Unusual changes in vaginal discharge is a sign that there might be an issue. Why is vulvar and vagina care important? Many women experience uncomfortable, vaginal infections (vaginitis) at one time or another. The area around the entrance to the vagina (vulva) can also become irritated. Steps can be taken to relieve and prevent vulvar discomfort and vaginal infections. Not all vaginal infections are alike and home treatments can worsen some types. If you have any concerns about your vulvar or vaginal health, or notice unusual changes in vaginal discharge, contact your healthcare provider if the problem persists. What is the vulva? The vulva is the area of female sex organs that lies outside of the vagina. These organs include folds of sensitive tissue called the labia (labia means "lips"). The labia has two parts. The outermost folds are called the labia majora. A secon...

Nigeria’s first female banker, Sarah Morocco-Clarke is dead

Sarah Adenike Morocco-Clarke, Nigeria’s first female banker is dead. Morocco-Clarke died at the age of 80 on Sunday, 16 September 2018, after a short illness. Sarah Morocco-Clarke, an alumnus of Queen’s College Lagos, started her career with First Bank (then Bank of British West Africa, and subsequently Standard Bank) as a pioneer female employee, and rose through the ranks at First Bank Nigeria and was made the Services Manager and Secretary to the South Administration, wherein she had a mandate that covered the services of all the First Bank branches in Southern Nigeria. While she worked in the banking industry, she was manager of numerous First Bank branches in Lagos and was subsequently made a Regional Manager in charge of Bendel, Ogun and Oyo states. She was also an Area Manager in the Western part of Nigeria. Popularly known as the ‘Iron Lady, Morocco-Clarke leaves behind six successful children, thirteen grandchildren and three great-grandchildren.

BBNaija winner, Miracle, gets Pilot license

The winner of the BBNaija ‘Double Wahala’ reality show, Miracle Ikechukwu, has obtained his Private Pilot License and Flight Dispatcher License. The 23-year-old took to his Instagram page to share the news by posting a picture of his licenses alongside birthday wishes for his mother. He wrote, “Today is also my pillar’s birthday (my sweet mum). Thank you, mother, for always being there for me through the journey. “To all my lovely fans, I thank you all for your patience and support. We made it. PPL in the bag. Happy new month,” Miracle said. During the course of the BBNaija show, Miracle, who was in aviation school prior to the show, continually expressed his desire to obtain all piloting licenses as soon as possible. He expressed his resolve during the eviction nights where he wore his piloting uniform each time he was up for possible eviction. Miracle’s total winning prize included N25m cash, a Sub-Urban Vehicle worth N12m and a trip for two valued N4.7m, Television an...

BAMY BLOG

Search This Blog