NBA star Paul Pierce fined $1.4 million for promoting Emax cryptocurrency
of an account displaying significant EMAX holdings and profits without disclosing that the image did not represent his own personal holdings. Pierce agreed to pay the settlement “without admitting or denying the SEC’s findings,” according to the SEC commission, and has additionally agreed to not promote any crypto assets for three years.
“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. “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.
EMAX is a digital “culture token” launched in May 2021 that’s built on the Ethereum blockchain. Despite raising a number of
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