Floyd Mayweather Charged with Failing to Disclose Promotional Payments by SEC

Timothy Rapp@@TRappaRTFeatured ColumnistNovember 29, 2018

LOS ANGELES, CALIFORNIA - NOVEMBER 12: Floyd Mayweather Jr. attends a basketball game between the Los Angeles Clippers and the Golden State Warriors at Staples Center on November 12, 2018 in Los Angeles, California. (Photo by Allen Berezovsky/Getty Images)
Allen Berezovsky/Getty Images

Boxer Floyd Mayweather Jr. has been charged by the SEC with pumping "initial coin offerings without telling investors" that he had received a "$100,000 promotional payment from Centra Tech Inc.," according to Liz Moyer of CNBC.com. 

Per that report, the charges against Mayweather and music producer DJ Khaled—who failed to disclose a $50,000 promotion fee—are "the first cases to charge touting violations regarding ICOs, a relatively new phenomenon that has attracted billions of investor dollars to new cryptocurrencies, often with little to back them up."

Mayweather reportedly settled "without admitting or denying the findings," though the SEC investigation is ongoing. Per Moyer, Mayweather also didn't disclose two other ICO promotions that paid him $200,000 and as a part of his settlement will pay "$300,000 in disgorgement, a $300,000 penalty and $14,775 in interest."

The 41-year-old "retired" boxer last fought in August 2017, beating MMA star Conor McGregor in a boxing match, though he is scheduled to face 20-year-old Japanese kickboxer Tenshin Nasukawa in a three-round exhibition bout on Dec. 31.

Mayweather has also told TMZ (h/t ESPN's Brett Okamoto) he plans to fight MMA star Khabib Nurmagomedov in a boxing match at some point, though that fight remains theoretical and no official plans have been revealed for such a bout.