In what might be the most distressing thing to happen to DJ Khaled (pronounced DEEEJAYYY KHALID!!!!!) since he got lost at sea on a jet ski, the DJ and Ciroc ambassador has been charged with cryptocurrency fraud. #BLESSUP.
Khaled and boxer in a feud with Justin Bieber Floyd Mayweather have both been charged by the Securities and Exchange Commission for failing to reveal they were being paid to promote initial coin offerings (ICOs) for cryptocurrencies to investors.
Related: Watch DJ Khaled get booed off stage at a festival, blame ‘they’ for sabotaging his set
The case was settled outside of court, but Consequence Of Sound reports the SEC claims there is still an ongoing investigation into the two. The producer and boxer were paid $50,000 and $100,000 respectively from Centra Tech Inc. for promoting the company and it’s ICOs.
Both posted on their Twitter and Instagram pages encouraging fans to invest in the company. Mayweather also promoted other cryptocurrency companies, referring to himself as “Floyd Crypto Mayweather”.
https://twitter.com/FloydMayweather/status/900459256784334851?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E900459256784334851&ref_url=https%3A%2F%2Fconsequenceofsound.net%2F2018%2F11%2Ffloyd-mayweather-dj-klahed-sec-charges%2F
Mayweather has to pay over $600,000 in penalties and Khaled is set to pay over $150,000. The two are also banned from promoting currencies for over two years, this is not a major key to success. This means that DJ Khaled might have to release another furniture line, or even an album of songs he yells his name at the start of soon to keep making bank and more success.
Watch a video of that time DJ Khaled got lost at sea after calling a cruise ship a “crazy big yacht”.
Watch: DJ Khaled lost at sea
