Former Boston Celtics star Paul Pierce agreed to pay a $1.4 million fine to settle charges brought by the Securities and Exchange Commission that he promoted cryptocurrency EthereumMax on Twitter without disclosing the fact that he was being paid to do so.
Pierce, an NBA hall of famer who also worked at ESPN after his retirement from the league, of violating the federal Securities Act by failing to disclose he was being compensated by the cryptocurrency giant over a series of online promotions, and by making money from “an untrue statement of a material fact.”, Pierce received more than $244,000 for promoting Ethereum on his Twitter account during a two-week period in May and June, 2021, with his tweets reaching roughly 4 million followers.
Pierce “at least negligently made materially false and misleading misstatements,” by inflating how much he had earned through his crypto assets, the SEC alleges. In May, 2021, Pierce claimed he made more money with Ethereum in a month than he did through is lucrative ESPN contract in a year, though the former Celtics star had only received roughly $46,000 worth of Ethereum’s EMAX tokens at the time—a drop in the bucket of the more than $1 million he had made at ESPN, according to the filing.to a $1.26 million fine to settle SEC charges for promoting EthereumMax.
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