Last Updated: February 18, 2023, 08:51 IST
Former NBA participant Paul Pierce (AP)
Former NBA participant Paul Pierce has agreed to pay about $1.4 million to settle expenses of creating false and deceptive promotional statements
Former Boston Celtics star Paul Pierce was ordered to pay greater than $1.4 million in penalties after being charged with making false and deceptive statements about crypto securities he was paid to advertise, US regulators mentioned Friday.
The Securities and Exchange Commission (SEC) mentioned in an announcement Pierce had been charged with touting EthereumMax (EMAX) tokens with out disclosing that he had been paid to take action.
The SEC assertion mentioned Pierce — nicknamed ‘The Truth’ throughout his taking part in days — was paid EMAX tokens value $244,000 to advertise the securities.
The 45-year-old additionally posted a screenshot of an account displaying giant holdings and income of the securities when the truth is his holdings had been a lot decrease than these proven.
“This case is yet one more reminder to celebrities: The regulation requires you to confide in the general public from whom and the way a lot you’re getting paid to advertise funding in securities, and you’ll’t mislead buyers if you tout a safety,” SEC chief Gary Gensler mentioned.
“When celebrities endorse investment opportunities, including crypto asset securities, investors should be careful to research if the investments are right for them, and they should know why celebrities are making those endorsements.”
Pierce is a 10-time NBA All-Star who was NBA Finals Most Valuable Player in 2008, when he led Boston to the NBA championship.
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(This story has not been edited by News18 employees and is revealed from a syndicated information company feed)
