BREAKING: NBA Hall of Famer Paul Pierce has agreed to pay $1.4 million in penalties for failing to disclose he was paid to promote a cryptocurrency company, a violation of federal securities laws.
The federal Securities and Exchange Commission announced charges against Celtics legend and NBA Hall of Famer Paul Pierce on FridayThe SEC alleges that Pierce 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.
One of his tweets also contained a link to the EthereumMax website with instructions for potential investors to purchase EMAX tokens."This case is 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 in a statement.
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