Ex-NBA star Paul Pierce will pay $1.4 million to settle charges from the SEC that he made misleading statements while promoting crypto
Former NBA star Paul Pierce will pay $1.4 million in a settlement with the US securities regulator over charges he made misleading statements while promoting EMAX tokens, an amount that's slightly more than Kim Kardashian paid to settle charges related to the same cryptocurrency last year. that Pierce violated anti-touting and antifraud provisions of securities laws.
Pierce sent a Twitter message with a screenshot of an account showing large holdings and profits, but he didn't disclose that his personal holdings were"much lower" than those displayed, the SEC said. Pierce has agreed not to promote any crypto asset securities for three years as part of the settlement.
"This case is yet another reminder to celebrities: The law requires you to disclose to the public from whom and how much you are getting paid to promote investment in securities, and you can't lie to investors when you tout a security," SEC Chair Gary Gensler said in a statement. EMAX tokens, a crypto asset security sold by EthereumMax, were at the center of the SEC's case against Kim Kardashian last year. The
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