SEC slaps startups Wealthfront and Hedgeable with fines for making false disclosures

The Securities and Exchange Commission appears to be keeping a close eye on financial services startups, with today’s news that the agency has settled cases with two robo-advisory companies over allegations that they misled investors. Wealthfront Advisers, one of the darlings of the fintech investment sector with $11 billion under management and roughly $200 million […]

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Floyd Mayweather and DJ Khaled to pay SEC fines for flogging garbage ICOs

Floyd Mayweather Jr. and DJ Khaled have agreed to “pay disgorgement, penalties and interest” for failing to disclose promotional payments from three ICOs including Centra Tech. Mayweather received $100,000 from Centra Tech while Khaled got $50,000 from the failed ICO. The SEC cited Khaled and Mayweather’s social media feeds, noting they touted securities for pay […]

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Lyft gave DJ Khaled one of its electric scooters for his upcoming tour

Electric scooters are all the rage right now in Silicon Valley and as of late, they’ve made their way into the entertainment industry. Musician DJ Khaled recently posted a video of him riding one of Lyft’s electric scooter while also promoting his participation in Jay-Z and Beyonce’s On The Run II tour. Word on the […]

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Founder of cryptocurrency debit card faces new fraud charges for $32 million ICO scheme

The U.S. government is following through on its promise to crack down on initial coin offering scams. On Friday, the SEC announced charges against Raymond Trapani, the third co-founder of Centra Tech Inc., which raised $32 million for a cryptocurrency debit card last year through a flashy ICO endorsed by DJ Khaled and boxer Floyd […]

View More Founder of cryptocurrency debit card faces new fraud charges for $32 million ICO scheme

Founders of a DJ Khaled-endorsed ICO have been charged with fraud

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The two co-founders of Centra, a cryptocurrency initial coin offering (ICO), that was endorsed by musician DJ Khaled and boxer Floyd Mayweather, have been arrested and charged with fraud. 

The U.S. Securities and Exchange Commission (SEC) alleges that Sohrab “Sam” Sharma and Robert Farkas “masterminded a fraudulent ICO in which Centra offered and sold unregistered investments through a ‘CTR Token.'”

The charges boil down to Sharma and Farkas making promises to investors that were completely unfounded, including offering a debit card backed by Visa and MasterCard, even though they had no relationship with either company. Furthermore the SEC alleges that the two “created fictional executives with impressive biographies, posted false or misleading marketing materials to Centra’s website, and paid celebrities to tout the ICO on social media.” Read more…

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View More Founders of a DJ Khaled-endorsed ICO have been charged with fraud

Bryan Cranston showers nude to fight AIDS, rides off on glorious red Vespa

People trying to sell you stuff can be sort of annoying, but when it’s a semi-nude Bryan Cranston standing dripping wet in a shower it instantly becomes okay.
Cranston appeared on Jimmy Kimmel’s cameo-filled third annual (RED) shopathon, in which…

View More Bryan Cranston showers nude to fight AIDS, rides off on glorious red Vespa