'...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 Chair Gary Gensler said.
The federal Securities and Exchange Commission announced charges against Celtics legend Paul Pierce on FridayThe SEC alleges that the NBA Hall of Famer failed to disclose that he was paid more than $244,000 in EMAX tokens to promote the tokens offered and sold by EthereumMax on Twitter.
"@espn I don't need you," Pierce wrote in a May 2021 Tweet."I got @ethereum_max I made more money with this crypto in the past month then I did with y'all in a year."Get Philly local news, weather forecasts, sports and entertainment stories to your inbox. Pierce agreed to settle the charges and pay $1.1 million penalty and approximately $240,000 in disgorgement and prejudgment interest, the SEC said. He also agreed not to promote any crypto asset securities for three years.
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