Categories: News

DJ Khaled and Floyd Mayweather Escape ICO Lawsuit, Kevin Hart to be investigated next

US court dismisses DJ Khaled and Floyd Mayweather from the ICO Lawsuit

Boxing legend Floyd “money” Mayweather and popular music producer DJ Khaled were sued last year by investors for promoting a fraudulent ICO offering by Centra Tech (CTR Tokens). A court document filed on May 13tth dismisses Khaled, Mayweather, Steven Sykes and Steven Stanley, the document states:

“The Plaintiff’s complaint fails to establish that Mayweather [and Khaled] ‘successfully solicited’ the Plaintiffs to purchase CTR Tokens,”

Both Khaled and Mayweather posted tweets and Instagram posts shilling Centra’s ICO and it’s token, as it was a series of indirect tweets the court could not establish if they led their followers to purchase the tokens which would be a violation of securities laws.

Both Mayweather and Khaled were fined by the SEC (Securities and Exchange Commission) last November for not disclosing the payments they received for promoting Centra Tech. According to Blockmanity’s report from November:

Mayweather agreed to pay $300,000 in disgorgement, $300,000 penalty and $14,775 in prejudgement interest. Khaled will be paying $50,000 in disgorgement, $100,000 penalty and $2,725 in prejudgment interest.

Kevin Hart next?

Just as Khaled and Mayweather escape the lawsuit, another celebrity might get in trouble for promoting yet another shady ICO. According to the news report from Decrypt, famous comedian Kevin Hart is now under the radar for promoting FLiK ICO started by rapper TI.

A bunch of investors had filed a class action lawsuit against music producer Ryan Felton and rapper Clifford Harris (stage name T.I) for allegedly orchestrating a “pump and dump” scheme. Last week the investors amended the complaint to include Kevin Hart.

Investors have lost over $1.3 Million investing in the worthless token, according to the lawsuit the investors claim that Felton and T.I dumped the tokens on the secondary market when it’s price increased from $0.06 to $0.21. All the traces of the ICO including its website, Facebook page, etc have been deleted except a tweet from Kevin Hart:

If history repeats then Kevin Hart will also likely escape the lawsuit.

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

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Shrikar Parashar

Shrikar is a Blockchain evangelist. He is a die-hard fan of security tokens. He follows the market closely but does not trade. He believes in Hodling.

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Shrikar Parashar

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