Dj Khaled and Floyd Mayweather Charged by SEC for Promoting ICOs
The case starts with Centra Tech Inc that paid both of them to promote and they "forgot" to put this info public. Mayweather also got paid by two other ICOs to market em.
https://www.sec.gov/news/press-release/2018-268
The Securities and Exchange Commission today announced settled charges against professional boxer Floyd Mayweather Jr. and music producer Khaled Khaled, known as DJ Khaled, for failing to disclose payments they received for promoting investments in Initial Coin Offerings (ICOs). These are the SEC's first cases to charge touting violations involving ICOs.
The SEC's orders found that Mayweather failed to disclose promotional payments from three ICO issuers, including $100,000 from Centra Tech Inc., and that Khaled failed to disclose a $50,000 payment from Centra Tech, which he touted on his social media accounts as a "Game changer." 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…"
Investors should be skeptical of investment advice posted to social media platforms, and should not make decisions based on celebrity endorsements," said Enforcement Division Co-Director Steven Peikin. "Social media influencers are often paid promoters, not investment professionals, and the securities they’re touting, regardless of whether they are issued using traditional certificates or on the blockchain, could be frauds."
Interesting times when celebirites get fined for ICOs.
The website of Centra is down and it doesnt trade anywhere. Hard to find any infos on it right now.
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Shilling shitcoins has consequences hopefully Trayvon is next
Penalties for shilling, oh my. CT better lay low or suspend themselves and disappear.
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These entertainers saw the space blowing up last year and like many people probably thought it was about to take off either further. The three founders were arrested and found guilty of securities fraud at the same time fined 25 mil.
The first round of people who lost money on scams like Bitconnect want back in. I think they buy the top 10 this time, when it goes up, they will use more leverage and we see it spike again.
If won't go up for more than 29 days once it has clearly started to swing the otherway. Sell 75 percent of it before then.
It will then lose 80 percent of it's value again.
Buy more. It is fine to borrow money from your uncle.