Ehe former NBA player Paul Pierce was fined this Friday by the United States Securities and Exchange Commission (SEC) with $1.4 million for illegal promotion of EMAX cryptocurrencya sanction similar to the one imposed in 2022 for the same reason on the celebrity Kim Kardashian.
The SEC accused the basketball star of promote EMAX tokens on social media -a crypto-asset security product offered by the company EthereumMax- without announcing how much he had been paid for it, and make “misleading” statements about that cryptocurrency, according to a statement.
Received $244,000 in EMAX tokens
The athlete allegedly received $244,000 in EMAX tokens for cheering on your fans on Twitter to buy that crypto asset, and among other things, he posted a screenshot of an investment account that showed a large portfolio with profits, but his really “was very inferior.”
Pierce, that does not admit or deny the accusationshas agreed to resolve them by paying a million-dollar fine, which becomes last celebrity to go bad for jumping on the seemingly lucrative bandwagon of the crypto market, which has recently been rocked by mismanagement scandals.
The former basketball player too pledged not to promote any crypto assets for the next three yearsa measure to which it is also subject Kardashianalso accused by the SEC of illegally promoting EMAX on social networks and fined 1.26 million last October.
“This case is yet another reminder to celebrities: the law requires them to disclose to the public by whom and how much they are being paid.” by the promotions, said in the note the president of the SEC, Gary Gensler, that it is taking measures so that there is more control in the sector, especially after the fall of the FTX platform.
