Paul Pierce Fined $1.4 Million For Advertising Emax
Paul Pierce, a former NBA champion and celebrated Celtics player who goes by the nickname “The Truth,” is now being held accountable for his actions. After making false statements about EthereumMax (EMAX) cryptocurrency to his Twitter audience without disclosing he was paid $244,000 in EMAX tokens for promoting it, the SEC has announced that Paul Pierce must pay over $1.4 million in penalties as punishment. This is an important reminder of how carefully individuals should monitor what they advertise on their social media accounts!
Paul Pierce Misled People With His Tweets, According To The SEC
In one case, Paul Pierce was accused of tweeting an untruthful screenshot of a substantial EMAX account and profits without explaining that it didn’t relate to his personal holdings. To settle the charges brought by the SEC commission, he consented to remit payment “without acknowledging or declining their discoveries,” as expressed in the SEC’s official report. He also agreed not to advertise any crypto assets for three years going forward.
Chair of the SEC, Gary Gensler reminded famous figures: The law requires you to reveal your sponsors and payment amounts when promoting investment securities. Additionally, lying to investors regarding security isn’t an option. If celebrities are endorsing any type of investment – including crypto-asset securities – it’s prudent for investors to carefully assess if these opportunities are right for them while also understanding why those endorsements have been made in the first place.
Paul Pierce Is Not The First Person To Be Fined By The SEC For Emax
EMAX, a digital culture token built on the Ethereum blockchain first released in May 2021, rapidly gained attention from a range of high-profile celebrities who promoted it. Kim Kardashian and Floyd Mayweather Jr both generated controversy for their involvement with Emax as well – even leading to Kim Kardashian having to pay an astronomical $1.26 million fine for not declaring she was being paid for her promotion of the currency last October.
You may be interested in: Introduction to Carmin Token: What Is It?