Paul Pierce fined for promoting EMAX cryptocurrency / News - Basketnews.com

Paul Pierce agreed to pay over $1.4 million in penalties after unlawfully promoting EMAX cryptocurrency to his Twitter audience.

Credit: AP – Scanpix Credit AP – Scanpix

Paul Pierce was fined for unlawfully promoting the EthereumMax (EMAX) cryptocurrency, the US Securities and Exchange Commission announced.

Paul Pierce

Position:SFAge:45Height:201 cmWeight:107 kgBirth place:Oakland, United States of AmericaProfileNewsStatistics

It was announced that Paul agreed to pay over $1.4 million in penalties.

Pierce was charged for making "false and misleading" statements about EMAX and failing to disclose that he was paid more than $244 thousand worth of EMAX tokens to promote the cryptocurrency on his Twitter account.

In one example of his illicit activity, the commission claims that Piercetweeted a misleading screenshotof an account displaying significant EMAX holdings and profits without disclosing that the image did not represent his own personal holdings.

Pierce agreed to pay the settlement "without admitting or denying the SEC's findings," according to the SEC commission, and has additionally agreed not to promote any crypto assets for three years.

"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. "When celebrities endorse investment opportunities, including crypto-asset securities, investors should be careful to research if the investments are right for them, and they should know why celebrities are making those endorsements."

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