Wednesday, March 22, 2023
HomeLatest Sports NewsNBA legend Paul Pierce to face $1.4M fine for endorsing EthereumMax cryptocurrency

NBA legend Paul Pierce to face $1.4M fine for endorsing EthereumMax cryptocurrency

Former Celtics and NBA legend Paul Pierce is now involved with this generation’s digital currency investing huge amounts in the same. Boston’s idol and an ‘NBA Hall of Famer’, Paul has played 19 seasons in the NBA with the teams like Boston Celtics, Brooklyn Nets, Washington Wizards, and Los Angeles Clippers.

After his retirement from the game of basketball, Paul worked with ESPN as a studio analyst on several different shows. Gaining fans and popularity again, despite being out of the court and the game itself. Sadly, in 2019 he was fired from ESPN after his unethical live stream from his Instagram that showed illegal happenings in the feed. In spite of this, he’s still loved by his fans across the globe having 4M followers on Twitter and 932K followers on Instagram. Also Read: Stephen Curry gets applauded, “out of body experience,” says Mike Breen in OKC

SEC charged the NBA legend Paul Peirce for touting EthereumMax’s EMAX tokens

As more and more cryptos are coming into the digital market the enforcements regarding the same have gotten more assertive. The U.S. Securities and Exchange Commission (SEC) has been keeping an eye on the suspected transactions being made. The Celtics star and NBA legend Paul Pierce has also been caught up in the act of violating the anti-fraud and anti-touting rules of the SEC. 

Paul Pierce, Boston Celtics

As per the reports, Pierce unlawfully promoted and endorsed EthereumMAX tokens through his Twitter account. And at the same time has also failed to present the payment receipts while also putting on statements that are misleading and untruthful. Following his actions, Pierce now has to pay a fine of $1.4M that he also agreed upon during the investigation. As a law-breaking act, he’s now banned from endorsing any kind of cryptocurrencies for 3 years in the coming. Also Read: 2023 NBA All-Star: Jose Alvarado wins MVP and guides Team Pau to victory in the Jordan Young Stars

Following a statement from the SEC’s Chairman MR. Gary Gensler, “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.”

This case is not new when it comes to the crypto space. Many celebrities like Kim Kardashian and Floyed Maryweather Jr have also been sued for breaking similar laws in the past. Also Read: Kevin Durant says “we didn’t accomplish what we wanted”, on the Nets failure

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Rajat Kumar Sharma
Rajat Kumar Sharma
Rajat Kumar Sharma is a basketball fanatic who really enjoys watching the NBA. He is a sports enthusiast who likes playing basketball and has been a fan for many years. Rajat, who knows a lot about the NBA and its format, likes reviewing games, players, and the league as a whole. He is happy to share his basketball reviews and opinions with others through his writing. As a diligent content writer, Rajat is committed to providing his readers with entertaining and educational basketball articles, and he also aims to encourage others to share his passion for the game.


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