US SEC fines former NBA Star Paul Pierce $1.4M for crypto

• The US SEC crypto crackdown doesn’t appear to be tapering off any time quickly.
• Former NBA star Paul Pierce has agreed to pay $1.4 million to settle expenses levelled towards him by the SEC.
• The costs levelled on Pierce are associated to the promotion of EMAX tokens

The US Securities and Trade Fee (SEC) on February 17 introduced by way of a press launch that it was charging former NBA star Paul Pierce for selling cryptocurrency. The event got here proper on the heels of a string of fines by the SEC focusing on crypto companies together with the latest wells discover to Paxos for issuing Binance USD stablecoin.

In a tweet the SEC mentioned:

“As we speak we introduced expenses towards former NBA participant Paul Pierce for touting EMAX tokens on social media with out disclosing the fee he acquired for the promotion and for making false and deceptive promotional statements about the identical crypto asset.”

Paul Pierce agrees to settle the penalty

Paul Pierce early at present has agreed to pay the $1.409 million as introduced by the SEC on Friday.

The costs towards Pierce have been for selling EMAX tokens on Twitter. The SEC claimed that Pierce didn’t disclose what he had been paid to advertise the token and likewise went forward to make false and deceptive statements in regards to the token.

It’s reported that Pierce acquired $244,000 to advertise EMAX tokens. He nevertheless posted a checking account with large figures than his checking account truly had.

The legislation requires celebrities to reveal their funds when selling securities. The SEC Chair Gary Gensler warned buyers to watch out and do due diligence on funding alternatives together with crypto belongings endorsed by celebrities.