Former NBA star Paul Pierce agreed to pay a $1.4 million settlement over allegations that he promoted a cryptocurrency without disclosing he was paid, the SEC says.
Pierce, nicknamed "The Truth," also made false and misleading statements about a token called EthereumMax, the SEC said.with unlawfully promoting EthereumMax. She agreed to pay $1.26 million as part of a settlement.
The Boston Celtics legend received more than $244,000 worth of EMAX tokens to promote the cryptocurrency but didn't disclose how much he was paid in Twitter posts, according to the SEC., did not admit to or deny the allegations in the settlement. In addition to paying $1.4 million in the settlement, Pierce agreed not to promote any crypto assets for three years, the SEC said."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," said SEC Chair Gary Gensler in a statement.
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