Key Points: The SEC sued Paul Pierce, a former NBA star, for illegally endorsing EthereumMax.
The SEC stated that Pierce was paid $244,000 in EMAX tokens, but did not disclose the payments during advertising.
Pierce will pay $1.409 million in restitution and will not advertise any crypto assets securities for three years.
Paul Pierce, a former NBA star. The United States Securities and Exchange Commission (SEC), sued Pierce, a former NBA star. He failed to disclose the endorsement fee he received to promote EthereumMax (EMAX). He also suggested through screenshots that he has a large number of EMAX tokens. However, his holdings are lower than what he shows.
“Investors should research whether the investment opportunities, which include crypto-asset security, are suitable for them when celebrities endorse them.” They should understand why celebrities endorse certain investments.
Gary Gensler stated that Pierce agreed to pay a $1.409million fine and to “not promote any crypto-asset security for three years.” As previously reported, Kim Kardashian, a US reality TV star, was also charged with promoting EMAX by the SEC. She agreed to pay $1.26million to settle. The SEC is also in trouble for Kraken and Paxos. Yesterday, Do Kwon and Terraform Labs were also sued by this regulator for misleading investors and issuing unregistered securities.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuFoxyCoincu NewsTags: # Cryptocurrencies#MarketsBlockchaincryptoEthereumMaxFinePaul PierceSECSue