Floyd Mayweather had to come out of pocket more than $ 600 ,000 to settle charges brought against him by the SEC for his role in a cryptocurrency scandal, officials have announced .
As we previously reported , Floyd and DJ Khaled both went to social media in 2017 to promote a crypto coin called Centra .
The problem according to the Securities and Exchange Commission, neither star disclosed that they were getting paid to promote the coin which is a violation of federal law .
Turns out, Floyd received $ 300 ,000 to promote the coin and DJ got $ 50 ,000 .
Officials previously said the company behind the coin was operating illegally , misleading investors and several of the execs listed on the company website don ' t really exist.
The whole thing was essentially deemed a giant scam .
The SEC brought charges against both Floyd and Khaled -- but they both were able to settle their cases behind closed doors after writing big checks .
Officials say Floyd ponied up $ 300 k in disgorgement ( the money he made for promoting the coin ) plus another $ 300 k in fines and another $ 14 k in interest .
Khaled paid $ 50 ,000 in disgorgement plus $ 100 ,000 in fines plus another $ 2 ,725 in interest .
Mayweather, who was cooperative with investigators also agreed NOT to promote any kind of currency for the next 3 years . Khaled agreed to hold off for 2 years.
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