NBA Hall Of Famer Fined $1.4M For Improperly Promoting Crypto

  • The Securities and Exchange Commission announced a $1.4 fine against former NBA player Paul Pierce on Feb. 17 for not disclosing payments for promoting cryptocurrency.
  • The SEC reported that Pierce leveraged his fanbase and celebrity platform on social media to tout EMAX tokens sold by EthereumMax, without disclosing that he was paid for the promotion.
  • The agency alleges he made false claims about the crypto asset and delivered misleading messages. Pierce agreed to settle the charges with $1.4 million in penalties and interest, according to the SEC.
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