EXCLUSIVE UPDATE - FLOYD MAYWEATHER PAYS $ 600,000 TO SETTLE SEC CHARGES IN CRYPTO CURRENCY SCANDAL

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 .

via TMZ