Trouble keeps finding Floyd Mayweather, as the all-time great boxer was hit with a steep penalty handed down by the Securities and Exchange Commission.
Mayweather did not report his advertising revenue from cryptocurrencies while receiving undisclosed payments.
He allegedly received $100,000.00 from a company named Centra Tech, Inc., which also paid out $50,000.00 to music producer DJ Khaled. Mayweather’s troubles did not stop there, however. He also failed to disclose another payment from two other companies involved in cryptocurrencies for a total of $200,000.00.
Here is a sample of some of Mayweather’s advertising done via social media.
The SEC’s official press release details the financial penalties that are to be paid by Mayweather and Khaled:
Without admitting or denying the findings, Mayweather and Khaled agreed to pay disgorgement, penalties, and interest. Mayweather agreed to pay $300,000 in disgorgement, a $300,000 penalty, and $14,775 in prejudgment interest. Khaled agreed to pay $50,000 in disgorgement, a $100,000 penalty, and $2,725 in prejudgment interest. In addition, Mayweather agreed not to promote any securities, digital or otherwise, for three years, and Khaled agreed to a similar ban for two years. Mayweather also agreed to continue to cooperate with the investigation.
None of this, however, will amount to jail time for Mayweather. But his pocketbook will take over a $600,000.00 hit.
Floyd is expected to be competing against Tenshin Nakamura in an exhibition match at RIZIN’s upcoming New Year’s Eve show. Perhaps he can use some of his earnings to pay his SEC fines.
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