Crypto: Former NBA star Paul Pierce fined $1.4 million for touting EMAX crypto tokens: SEC

by | Feb 17, 2023 | Stock Market

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. The agency said that Pierce, without admitting or denying the SEC’s findings, agreed to pay a $1.115 million penalty and approximately $240,000 in disgorgement and prejudgment interest. Pierce also agreed to not promote any crypto asset securities for three years, the SEC said.

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. The agency said Pierce didn’t disclose that he was paid more than $244,000 worth of EMAX tokens on Twitter, which included a tweet of a screenshot showing large holdings and profits of the asset. The SEC statement alleged that Pierce did not disclose that his own personal holdings were much lower than the ones shown in the screenshot. “This case is yet another reminder to celebrities: The law requires you to disclose to the public from whom and …

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