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Sandeep Kumar Mishra
Feb 18, 2023
by Sandeep Kumar Mishra

Former NBA Star Paul Pierce to Pay SEC $1.4M for Improperly Promoting Crypto On Social Media

Paul Pierce SEC

Table of contents

  1. Paul Pierce Charged By SEC for Promoting EMAX Tokens on Twitter
  2. Warning from SEC Chairman

Former Celtics player, Paul Pierce, has agreed to pay a substantial amount of $1.4 million to settle charges of improperly promoting cryptocurrency on social media, as announced by the SEC on Friday.

Paul Pierce Charged By SEC for Promoting EMAX Tokens on Twitter

The charges were related to Pierce's promotion of EMAX tokens on Twitter, which the SEC claimed he did without disclosing the payment he received for the promotion and by making false and misleading statements about the product. Pierce was paid over $244,000 for promoting the tokens and allegedly posted an image of a bank account with large figures, despite his actual account having a significantly lower total.

As part of the settlement, Pierce will pay $1.409 million in penalties, disgorgement, and interest.

Warning from SEC Chairman

SEC Chair Gary Gensler warned celebrities that the law requires them to disclose their payments when promoting securities and cautioned investors to be careful and research investment opportunities that are endorsed by celebrities, including crypto-asset securities.

Pierce has not yet made any public comments regarding the case.

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Former NBA Star Paul Pierce to Pay SEC $1.4M for Improperly Promoting Crypto On Social Media
Sandeep Kumar Mishra
Sandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He has a strong mix of skills in the areas of computer networking, cryptography, algorithms, and data structures and specializes in ERC20 tokens. Lately, he is taking a lot of interest in blockchain-powered AI solutions, about which he is also reading and writing extensively. He has to his name dozens of deeply researched articles about cryptocurrencies, blockchain, AI, and IoT. Apart from that, he loves to keep track of the latest trends in social media and digital marketing space. Also, as a huge proponent of blockchain and cryptocurrencies, Sandeep tries to deliver all the latest cryptocurrency news to ardent crypto supporters like yourselves. If you like his content, feel free to follow him on LinkedIn.

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