SEC Chair garygensler warns celebs that they must disclose payments for crypto promotions to investors after $1.4M settlement with former NBA star Paul Pierce.
The United States Securities and Exchange Commission, or SEC, has announced a $1.4-million settlement with former NBA player Paul Pierce for allegedly promoting a token project on social media.Pierce touted EthereumMax tokens through social media channels without disclosing he had received payment for the promotion and made “false and misleading statements” regarding the project.
in October 2022 with Kim Kardashian for similar charges as those Pierce was facing — in that case, she failed to disclose a $250,000 payment to publish a story on her Instagram promoting EMAX tokens. "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.
Today we announced charges against former NBA player Paul Pierce for touting EMAX tokens on social media without disclosing the payment he received for the promotion and for making false and misleading promotional statements about the same crypto asset.As part of the settlement, Pierce paid a $1.115 million penalty to the SEC and roughly $240,000 in disgorgement, and agreed to not promote any crypto projects considered to be securities for three years.
"Investors are entitled to know whether a promotor of a security is unbiased, and Mr. Pierce failed to disclose this information."
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