Former NBA and Celtics star Paul Pierce has agreed to pay a hefty fine of $1.4 million as part of a settlement agreement with US regulators who had targeted him for misleading statements and crypto promotion.
This is not the first time a big name from the US sports or arts world has been accused of being linked to the industry and communicating digital currencies. However, Pierce was “caught” knowingly and of course with… misleading statements about the Emax token.
The US Securities and Exchange Commission (SEC) charged the former basketball player with promoting to the public and on social media the digital Emax tokens available for sale on the crypto-platform EthereumMax, but without disclosing that he did so for a fee, namely for $244,000. In fact, it accused him that some of the statements he had made were false and misleading.
“The case came to remind the various celebrities that the law requires you to inform the public who and how much you are being paid by to promote an investment,” noted SEC chief Gary Gensler.
However, the SEC has since last year increased its surveillance and… hunting of such cases, as with the crypto market crash a lot of people lost a lot of money.
So they targeted celebrities who were promoting them, mainly through their social media accounts. Similar accusations were made against reality TV star Kim Kardashian last October.
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