Paul Pierce has agreed to pay a hefty sum of $1.4 million after being accused of improperly selling cryptocurrency on social media.
The Securities and Exchange Commission (SEC) introduced the settlement on Friday, following fees towards Pierce over his promotion of EMAX tokens on Twitter.
The SEC alleged that Pierce promoted EthereumMax merchandise with out disclosing the fee he obtained for the promotion.
Furthermore, it claimed that Pierce made false and deceptive statements concerning the product.
The former Celtics ahead was paid over $244,000 to promote the gadgets, whereas allegedly tweeting a picture of a checking account with massive figures, regardless of his account having a considerably decrease whole.
As a part of the settlement, Pierce has agreed to pay $1.409 million in penalties, disgorgement, and curiosity to settle the costs.
SEC Chair Gary Gensler issued a press release, saying that this case serves as a reminder to celebrities that the legislation requires them to disclose to the general public from whom and the way a lot they’re getting paid to promote securities.
He additionally warned traders to be cautious and analysis funding alternatives endorsed by celebrities, together with crypto asset securities.
Pierce has not commented publicly on the case.
Source link
