NBA Hall of Fame Paul Pierce fined $1.4 million for promoting crypto without disclosing payment -
The SEC said Mr. Pierce did not disclose that he had been paid to promote EthereumMax securities. Authorities also accused Mr. Pierce of using false screenshots of his crypto assets, which were less than displayed.
“.@espn I don’t need you. I got @ethereum_max I made more money with this crypto in the past month then I did with y’all in a year. TRUTH shall set u Free my own Boss,” Mr. Pierce tweeted, referencing his moniker of being “The Truth.” “This case is yet another reminder to celebrities: The law requires you to disclose to the public from whom and how much you are getting paid to promote investment in securities, and you can’t lie to investors when you tout a security,” said SEC Chair Gary Gensler.
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