Paul Pierce, an NBA Hall of Famer and longtime captain of the Boston Celtics, has agreed to settle charges that he illegally promoted cryptocurrency and made misleading statements. According to a statement from the Securities and Exchange Commission, Pierce has agreed to settle the charges and pay $1.409 million. The SEC discovered that Pierce was promoting EMAX tokens on Twitter without disclosing that he was paid the equivalent of $244,000 for his promotional posts. Furthermore, the agency said that Pierce's tweets included misleading statements about the token, including a screenshot that did not accurately reflect his own EMAX token holdings. Pierce agreed to pay the SEC a penalty without admitting or denying the agency's findings. He also agreed to refrain from promoting any crypto assets for three years. "This case is another reminder to celebrities: the law requires you to disclose to the public who and how much you are paid to promote investing in securities, and you cannot lie to investors when promoting a security," he said. SEC Chairman Gary Gensler. "When celebrities endorse investment opportunities, including crypto asset securities, investors should be careful to research whether the investments are right for them and should know why celebrities are making those endorsements." The SEC said its investigation is continuing. Video below: Paul Pierce and Bill Walton during their years with the Boston CelticsPierce, 45, played the first 15 of his 19 NBA seasons with the Celtics, who selected him with the 10th overall pick in the NBA Draft 1998 from the University of Kansas. The California native was a 10-time NBA All-Star, with every selection coming in a Celtics uniform. He led Boston to the 2008 NBA championship and won NBA Finals MVP in the process. Pierce last played in an NBA game with the Los Angeles Clippers in 2017, but signed a ceremonial contract with Boston that offseason to retire as a player. Celtic. On February 11, 2018, he became the 23rd Boston Celtics player to have his jersey retired.
Paul Pierce, a NBA hall of fame and longtime captain of the Boston Celtics, agreed to settle charges that he illegally promoted cryptocurrency and made misleading statements.
according to a statement from the Securities and Exchange Commission, Pierce agreed to settle the charges and pay $1.409 million.
The SEC discovered that Pierce was promoting EMAX tokens on Twitter without disclosing that he was paid the equivalent of $244,000 for his promotional posts. Furthermore, the agency said that Pierce's tweets included misleading statements about the token, including a screenshot that did not accurately reflect his own EMAX token holdings.
Pierce agreed to pay the SEC a penalty without admitting or denying the agency's findings. He also agreed to refrain from promoting any crypto assets for three years.
"This case is yet another reminder to celebrities: You are required by law to disclose to the public who and how much you are paid to promote investing in securities, and you cannot lie to investors when promoting a security," he said. SEC Chairman Gary Gensler. "When celebrities endorse investment opportunities, including crypto asset securities, investors should be careful to research whether the investments are right for them and should know why celebrities are endorsing those securities."
The SEC said its investigation is continuing.
Video below: Paul Pierce and Bill Walton during their years with the Boston Celtics
Pierce, 45, played the first 15 of his 19 NBA seasons with the Celtics, who selected him with the 10th overall pick in the 1998 NBA Draft out of the University of Kansas.
The California native was a 10-time NBA All-Star, with every selection coming in a Celtics uniform. He led Boston to the 2008 NBA championship and won NBA Finals MVP in the process.
Pierce last played in an NBA game with the Los Angeles Clippers in 2017, but signed a ceremonial contract with Boston that offseason to retire as a Celtic.
On February 11, 2018, he became the 23rd Boston Celtics player to have his jersey retired.
