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.


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

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.

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.

Share
Published by
Shrikar Parashar

Recent Posts

Partisia Blockchain Debuts $100 Million in $MPC Grants to Enhance Blockchain Technology and Token Utilization

The Partisia Blockchain Foundation, at the forefront of crafting privacy-enhancing and interoperable blockchain platforms, today…

5 days ago

Bridging the Gap: SpacePay Revolutionising Cryptocurrency Payments and Connectivity

One of the biggest problems the cryptocurrency ecosystem is currently facing is its lack of…

6 days ago

E Money Network: Leading Compliance-Focused Blockchain for RWAs

The E Money Network is pioneering a compliance-driven blockchain tailored for Real World Assets (RWAs).…

2 weeks ago

The HNI investment secret now for masses- How to Power up your investments with MAIV?

In mid-March 2024, Bitcoin soared past $72,000, thanks to the upcoming Bitcoin halving event, which…

3 weeks ago

GalaChain Hackathon: The Game-Changing Coding Marathon begins today!

The GALAthon GalaChain Hackathon event is on the horizon, promising excitement! Teams will code for…

4 weeks ago

Security Meets Compliance: Why MANTRA Chain Could Be the Future of RWA Tokenization

Crypto circles have been buzzing with Real World Assets as the hottest trend of 2024.…

4 weeks ago