The Securities and Exchange Commission says former NBA All-Star Paul Pierce will pay around $1.4 million over crypto promotion.
The U.S. Securities and Exchange Commission on Friday said it charged former NBA star Paul Pierce with promoting EMAX crypto tokens, sold by EthereumMAX, on social media, without disclosing that he was receiving payment for the promotion and for making possible misleading statements about the asset.
Pierce’s agent didn’t immediately respond to a request for comment. Pierce was a 10-time All-Star, an NBA champion, and member of the Naismith Memorial Basketball Hall of Fame; he last played in 2017. “When celebrities endorse investment opportunities, including crypto asset securities, investors should be careful to research if the investments are right for them, and they should know why celebrities are making those endorsements,” Gensler said.
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