Former pro US basketball star Paul Pierce has agreed to pay more than $1.4 million to settle charges he illegally promoted digital assets, Wall Street's top regulator said Friday.
The U.S. Securities and Exchange Commission said Pierce promoted crypto tokens sold by EthereumMax on social media without disclosing he was paid to do so, and made misleading statements about the product.
The settlement with the former Boston Celtic and NBA Hall-of-Famer marks the latest move by the SEC to crack down on celebrity endorsements of crypto products.without admitting or denying them, agreeing to pay $1.1 million in fines and another $240,000 representing the disgorgement of ill-gotten gains plus interest, according to the SEC.
"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 Chairman Gary Gensler said in a statement.
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