- The U.S. SEC’s crackdown on cryptocurrencies isn’t likely to go away anytime soon.
- Former NBA star Paul Pierce has agreed to pay $1.4 million to settle the charges leveled against him by the SEC.
- Fees leveled to Pierce are associated with the promotion of EMAX tokens.
The U.S. Securities and Exchange Commission (SEC) announced on February 17, press release Former NBA star Paul Pierce was accused of promoting cryptocurrencies. It was done right after a series of fines.
and Tweet The SEC said:
“Today, former NBA player Paul Pierce has been indicted for promoting EMAX tokens on social media without disclosing the payments received for the promotion and for making false and misleading publicity statements about the same crypto assets. announced.”
Paul Pierce agrees to penalties settlement
As announced by the SEC on Friday, Paul Pierce agreed to pay $1.409 million earlier today.
The charges against Pierce were for promoting the EMAX token on Twitter. The SEC alleged that Pierce failed to disclose the amount paid to promote the token and made false and misleading statements about the token.
Pierce reportedly received $244,000 to promote the EMAX token. However, he posted a bank account with a huge amount of money than his own bank account actually had.
The law requires celebrities to disclose payments when promoting securities. I warned you to do your due diligence.