Mayweather agrees to pay $600K to settle charges

WASHINGTON — Boxing legend Floyd Mayweather and music producer DJ Khaled have agreed to pay a total $750,000 to settle federal regulators' charges that they failed to disclose payments they received for promoting investments in digital-currency securities.

The settlement of civil charges was announced on Thursday (Friday, Manila time) by the Securities and Exchange Commission. The agency says they are its first cases involving charges for violating rules on touting investments in so-called initial coin offerings, or ICOs.

The SEC said Mayweather failed to disclose promotional payments from three issuers of ICOs, including $100,000 from Centra Tech Inc. Khaled allegedly didn't disclose a $50,000 payment from Centra, which he touted on his social media accounts as a "game changer."

Mayweather and Khaled neither admitted nor denied the allegations in agreeing to the settlements.

Mayweather agreed to pay more than $600,000 in penalties, while Khaled will pay over $150,000.