Ex-NBA star has to pay a hefty fine

Former NBA star Paul Pierce has to pay a hefty fine. After being indicted by the US Securities and Exchange Commission for making false and misleading statements about crypto securities.

Paul Pierce: Former NBA star fined $1.4 million

Pierce, also known as “The Truth”, was ordered to pay $1.4 million for promoting EthereumMax (EMAX) tokens without disclosing payments. Pierce reportedly received $244,000 worth of tokens in exchange for his services, but he did not disclose this.

Another allegation against Pierce was that he posted a screenshot of his account. This allegedly showed large stocks and profits of the cryptocurrency. However, the SEC claims that the actual holdings and profits were much lower, adding to the accusation of misrepresentation. Though Pierce was once a star on the basketball court, he now faces the consequences for breaking the law.

SEC fine to star a reminder to all celebs

SEC Chairman Gary Gensler stressed that this case is another reminder for celebrities promoting investing in securities. By law, stars must disclose who paid them and how much. Just so they don’t mislead investors. Pierce’s conviction aims to send a clear message to all celebrities that they are incapable of making false statements to line their pockets.

Pierce has had an impressive career in the NBA, winning the 2008 NBA Finals championship and Most Valuable Player (MVP) title with the Boston Celtics. Despite his sporting successes in basketball, however, he has to bear the financial consequences of his illegal activities. With this decision, the SEC wants to make an example and remind everyone that the law applies to everyone, regardless of their celebrity status or background.

EthereumMax raised the issue of crypto advertising and misleading financial products internationally. Several well-known people were fined or were in the dock for their publicity activities. Kim Kardashian was fined around $1.3 million. Floyd Mayweather went unpunished.