The SEC has officially charged Basketball Hall of Famer Paul Pierce for touting EMAX crypto tokens without disclosing he was paid.
. According to the SEC complaint, Pierce “failed to disclose that he was paid more than $244,000 worth of EMAX tokens to promote the tokens on Twitter.”
Pierce agreed to settle the charges with the SEC for $1.409 million in penalties, disgorgement, and interest. The complaint further asserts that in one tweet, Pierce shared a screenshot of profits that were much lower than his personal holdings. Another tweet shared the Ethereummax project’s website, which led to a portal to purchase EMAX tokens.
The SEC’s charges note that the Basketball Hall of Famer violated the anti-touting and antifraud provisions of federal securities laws. The basketball star settled with the SEC on a non-admit or deny basis and promised not to promote any crypto assets for three years. The SEC further reminded investors to watch Gensler’s video about not making investments “solely on the recommendations of a celebrity or influencer.
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