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Floyd Mayweather Fined $600K by the Securities and Exchange Commission

Arne K. Lang

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Floyd Mayweather

On Thursday afternoon, Nov. 29, the United States Securities and Exchange Commission announced that a settlement had been reached with boxer Floyd “Money” Mayweather regarding his endorsement of a shady cryptocurrency start-up. The fine, totaling $614,775, was $300,000 for “disgorgement,” a $300,000 penalty, and $14,775 in interest.

The figure amounts to a drop in the bucket for Mayweather who has been named the highest paid athlete in the world by Forbes  four times in the last seven years.

Cryptocurrency is digital cash. It is an alternate form of currency. The leading purveyor, trailblazing Bitcoin, founded in 2009, spawned a wave of imitators that currently number more than 200.

In 2017 the SEC ruled that initial offerings in cryptocurrency fell under the rubric of securities and thus anyone promoting them must disclose his financial relationship to the company. As an investment, cryptocurrencies are known for being highly volatile. Leading internet platforms in the United States, China, and Japan have banned cryptocurrency advertisements.

Mayweather allegedly received $100,000 each from three different cryptocurrency start-ups, but at the heart of the SEC lawsuit was his failure to disclose his payment from a company called Centra Tech Inc. Mayweather, who reportedly has 22.3 million followers on Instagram and 7.85 million followers on Twitter, touted Centra Tech as a sure thing. “Get yours (Centra tokens) before they sell out,” he wrote. “I got mine and as usual I’m going to win big with this one.”

Mayweather’s paid endorsement was credited with helping Centra Tech raise $32 million with their initial coin offering. However, an expose by Nathaniel Popper, published in the New York Times on Oct. 27 of last year, revealed that all was not kosher at the company’s Miami Beach headquarters.

The company claimed they were working with Visa and Mastercard to issue a Centra Tech debit card. This was false. A senior executive pictured in the company’s prospectus was fictitious. Moreover, 25-year-old co-founder Suhrab “Sam” Sharma had had numerous brushes with the authorities in Miami “on allegations of unpaid bills and business deals gone sour; Twice, people have accused him in court of trying to fraudulently sell or lend them cars that he didn’t own and twice he has been evicted for claims that he failed to pay rent.”

The Times article gave rise to a class action lawsuit. In April of this year, Sharma and co-founder Robert Farkas were arrested on federal charges of wire fraud and related activities.

In Las Vegas, there has always been speculation that Mayweather has a hidden interest in V.I.P. Sports, a telemarketing company whose office sits adjacent to the Mayweather Gym in a Chinatown industrial park. Employees of V.I.P. Sports use high-pressure sales tactics to sell “winning” selections to gamblers. Mayweather has never officially endorsed V.I.P. Sports, which was once the subject of a short-lived reality show on CNBC, but he did appear in one of the company’s podcasts.

V.I.P. Sports is run by Darin Notaro who uses the name Steve Stevens for business purposes. On Aug. 25, 1999, a story in the Las Vegas Sun reported that Notaro was sentenced by a district judge to one year in jail for a telemarketing scam whereby folks were told that they had won a valuable prize which they could unlock by sending him a sum of money. According to the story, the investors, primarily elderly people, were bilked of at least $234,000.

Other celebrities have endorsed cryptocurrency and one surmises they are now in the crosshairs. As terms of his settlement with the SEC, Mayweather neither admits nor denies the allegations against him. However, he is prohibited from promoting securities, digital or otherwise, for a period of three years.

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Pico Rivera Summer Fights See Cruz, Vega and Flores Win

David A. Avila

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Pico-Rivera-Summer-Fights-See-Cruz-Vega-and-Flores Win

PICO RIVERA, Ca.-Along the San Gabriel River on a soft summer evening, Red Boxing Promotions brought another slew of hot local prospects to the forefront on Saturday.

Chino’s Daniel “Cuetito” Cruz (3-0) burst into the fight like an energy bomb and simply overwhelmed southpaw Phillip Bounds (0-4) with lightning combinations to win by unanimous decision. More than 700 fans saw the Red Boxing fight card.

Though it was only his third pro fight, the high intensity prizefighter Cruz (pictured on the left) exhibited a level of confidence that allowed him to attack with impunity for the first two rounds.

Cruz switched to southpaw and had even more success against the lefty Bounds. The speed of Cruz proved too much to overcome for Bounds who tried different approaches but couldn’t find an antidote for Cruz who won by unanimous decision 40-36 on all three cards in the super lightweight match.

“I’m excited, I wanted to put on a good show,” said Cruz, 20. “I’m coming for all of the big names. Cuetito is here.”

Andre Marquez (2-1) overwhelmed the much taller Alvin Brown (0-8) from Louisiana with a whirlwind style that ended in a knockout in the fourth and final round of their super featherweight match. A left hook caught Brown flush and Marquez followed up with four more blows, forcing Brown to take a knee at 1:41 of the fourth round. Marquez was ruled the winner by knockout by referee Sharon Sands.

“My plan was to work his body,” said Marquez. “It worked out perfectly.”

Welterweights Bradley Pena (0-0-1) and Ed Nunez (0-0-1) blasted each other for four rounds, with Pena starting fast and Nunez ending strong. No knockdowns were scored in the fight that started the night and ended in a draw.

Main Bouts

A light flyweight clash saw Axel Vega (13-2-1, 8 KOs) of Ensenada, Mexico knock out Tijuana’s Giovanni Noriega (2-5-2) with a triple left hook in the second round. Vega, 19, trained out of Compton for this fight.

Welterweight prospect Steven Rodriguez (8-0) suffered a cut on his forehead due to a clash of heads but still managed to out-perform Las Vegas fighter Ryan Picou (3-12-1) after four rounds. All three judges scored the fight 40-36 in favor of Rodriguez. But Picou gave a stubborn defense against the constant rushes of Rodriguez and was able to score on occasion.

Santa Barbara’s Angel Flores (6-0, 4 KOs) defeated Mexico’s Roberto Almazan (9-12) by unanimous decision after six rounds in a super lightweight contest. Flores knocked down Almazan twice in the last round to clinch the win and get the victory by a landslide.

In the audience was former world champion Arturo Frias of East Los Angeles who won the WBA world lightweight title in 1982 and fought numerous times at LA’s  fabled Olympic Auditorium. Also in attendance was current super flyweight contender Adelaida “La Cobra” Ruiz of Los Angeles who is scheduled to fight on October 12 at the same Pico Rivera Sports Arena. Red Boxing Promotions will be staging the event.

Photo credit: Al Applerose

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Fast Results from Russia: Kovalev KOs Yarde in the 11th

Arne K. Lang

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Fast-Results-from-Russia-Kovalev-KOs-Yarde-in-the-11th

The consensus of opinion regarding tonight’s fight at Chelyabinsk between Sergey Kovalev and Anthony Yarde was that….well, there was no consensus, save that it would not bode well for Yarde if both fighters were still standing at the final bell. Fighting in his hometown, and with a monster payday reportedly looming against Canelo Alvarez should he win, “Krusher” was unlikely to get the worst of it if the fight went to the scorecards. But there would be no controversial decision. In a fight that started slowly and then shifted Yarde’s way, Kovalev stemmed the momentum, took charge in the 10th, and then closed the show in the next round with a scorching left hand that left Yarde flat on his back, gasping for air.

In handicapping the fight, Kovalev certainly had more check marks in the plus column. A former three belt champion and the reigning WBO 175-pound title-holder, Kovalev would be appearing in his 16th world title fight, his second with Hall of Fame trainer Buddy McGirt, with whom he had great rapport. By contrast, Yarde, although undefeated (18-0), had answered the bell for only 51 rounds and had defeated only nine fighters with winning records. Moreover, the Englishman had fought only 12 amateur fights before turning pro.

However, at age 36, Kovalev was getting long in the tooth and in some of his more recent fights he had stamina issues. Moreover, there was a school of thought that Yarde was a beast. In his 30 fights, amateur and pro, he had scored 28 knockouts.

Yarde’s first good round was the seventh and he followed that up with a very strong eighth in which he hurt Kovalev and had the Krusher looking tired. But the assumption that he had paced himself brilliantly proved to be a mirage. As the bout moved into the home stretch, it was the younger man that was more fatigued.

Kovalev backed Yarde against the ropes and hurt him in the 10th. The Russian repeatedly had success with his hard left jab (shades of Larry Holmes) and it was a jab that ended it. Yarde was too exhausted to make it to his feet and was counted out.

Kovalev reportedly has already agreed to meet Canelo in November or December. Tonight he may have added an extra zero to his purse.

Kovalev vs. Canelo, likely at the T-Mobile Arena in Las Vegas, will be a blockbuster. Let the hype begin.

Co-Feature

The co-feature between knockout artists Aleksei Papin and Ilunga Makabu wasn’t expected to last the distance, but it went the full 12 and was a highly entertaining affair climaxed by a great 12th round. When the smoke cleared, Ilunga, who went to post a slight favorite, improved to 26-2 (24) by dint of winning a majority decision. It was the second straight win on Russian soil for the Congolese southpaw who fights out of Johannesburg. In his previous go, he stopped Dmitry Kudryashov in the fifth round at Ekaterinburg.

Papin was 11-0 going in with 10 knockouts but the 31-year-old Russian, a former kickboxing champion, was moving up in class against Makabu, a former world title challenger. In the 12th, Makabu scored a knockdown with a straight left after buzzing Papin with a left-right combination, but Papin wasn’t badly hurt and came back to rock him in the final seconds. The knockdown seemingly spelled the difference as two judges had it 115-113 with the third scoring it even (113-113).

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Tanaka and Hatanaka Stay Undefeated in Nagoya

Arne K. Lang

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Tanaka-and-Hatanaka-Stay-Undefeated-in-Nagoya

Kiyoshi Hatanaka, the former world super bantamweight champion, now runs a boxing gym and promotes fights in his hometown of Nagoya. The top fighters in his gym are 24-year-old Kosei Tanaka, who has already won world titles in three weight classes, and Kento Hatanaka, Kyoshi’s 21-year-old son. Both were in action today and both were victorious, but not without anxious moments.

Tanaka, the reigning WBO 112-pound champion, improved to 14-0 (8 KOs) with a seventh-round TKO of Jonathan Gonzalez (22-3-1) in an action-packed bout. There were five knockdowns in all, four by Tanaka, before the referee waved it off with merely a second remaining in the seventh stanza.

Gonzalez took a knee after being hurt by a body punch in round three. But he returned the favor, knocking Tanaka down with a counterpunch in the next stanza, and seemingly had the fight in hand when he dominated the fifth. But Tanaka regained the momentum and scored three knockdowns in Round 7 to close the show.

Kosei Tanaka is overshadowed as a sports personality by countryman Naoya “Monster” Inoue, but is carving out quite a legacy. At age 19, in only his fifth pro fight, he defeated WBO minimumweight (105 pound) champion Julian Yadras of Mexico. He then gathered in titles at 108 and 112, accomplishing the hat trick in only his 12th pro fight, tying Vasiliy Lomachenko’s record.

With only a few pounds separating each of the lowest weight classes, Tanaka likely isn’t done jumping up in weight. There’s already talk of a showdown with 115-pound title-holder Kazuto Ioka. But Tanaka has indicated that he wants to expand his opportunities overseas, following the example of Inoue. There are still holes in his defense, but that makes for exciting fights and a match between him and someone like “Chocolatito” Gonzalez would be worth the price of admission.

Jonathan Gonzalez, a southpaw with a good amateur pedigree, had fought his previous three fights in Kissimmee, Florida. When in his native Puerto Rico, he trains in the same gym as former super bantamweight and featherweight champion Juan Manuel Lopez. We certainly haven’t seen the last of him.

The 10-round co-feature between super flyweights Kento Hatanaka and Jaysever Abcede was also a crowd pleaser that saw both combatants score knockdowns. Hatanaka improved to 10-0 but was extended the distance for the first time in his pro career. Abcede, a noted spoiler from the Philippines, saw his winning streak end at four and fell to 19-9. The scores were 95-93, 96-93, and 96-92.

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