Tuesday, April 16, 2024

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 in opposition to 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 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 concentrating on crypto companies together with the current wells discover to Paxos for issuing Binance USD stablecoin.

In a tweet the SEC stated:

“Right now we introduced expenses in opposition to former NBA participant Paul Pierce for touting EMAX tokens on social media with out disclosing the cost 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 the moment has agreed to pay the $1.409 million as introduced by the SEC on Friday.

The costs in opposition to Pierce had 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 concerning the token.

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

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

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