Former NBA player, Paul Pierce is the focus of the latest crypto related SEC scandal
NBA Hall of Famer Paul Pierce has agreed to pay the Securities and Exchange Commission (SEC) a penalty of $1.1 million and disgorge approximately $240,000 over his alleged promotional activities of EthereumMax (EMAX) tokens. The SEC said that Pierce failed to disclose that he was paid with EMAX tokens worth more than $244,000 for his promotion of the crypto security product. As part of the settlement, Pierce is prohibited from promoting any crypto asset securities for the next three years. The SEC also alleged that Pierce misled the public with false screenshots of his own EMAX holdings and profits. The SEC said that while Pierce tweeted that he had made more money from EMAX in a month than from his ESPN contract in a year, his gross compensation from ESPN was actually more than $1 million in 2020. The SEC’s action against Pierce follows similar enforcement against other celebrities, such as Kim Kardashian, Floyd Mayweather Jr., and others, who have been charged with unlawfully tout
