The U.S. Securities and Exchange Commission (SEC) has imposed a $1.4 million fine on former basketball player Paul Pierce for illegal cryptocurrency advertising.
According to the SEC, the athlete advertised EMAX tokens in his social networks, without disclosing the fact of receiving money for it. According to the commission, Pierce received tokens worth more than $244 thousand for this.
“This case has become another reminder to celebrities: by law, you are required to indicate who pays you and how much for advertising investments in securities, and you cannot lie to investors when you promote a security,” said SEC head Gary Gensler.
As part of the agreement with the SEC, Pierce agreed to pay a fine of $ 1.115 million and return the illegally obtained profit of $ 240 thousand, and also promised not to advertise crypto assets for three years.
Paul Pierce played 19 seasons in the NBA, mainly for the Boston Celtics. In 2008, he and the team became the NBA champion and was recognized as the most valuable player in the final series. In 2021, Pierce was inducted into the Basketball Hall of Fame.