Washington (AFP)
US financial market regulators have announced that former Boston Celtics star Paul Pierce has been fined $1.4 million for misleading allegations about cryptocurrency.
The Securities and Exchange Commission said in a statement that Pierce was accused of advertising the cryptocurrency Ethereumax “Emacs”, without specifying that he was paid to do so.
Nicknamed “The Truth” Pierce, a 10-time All-Star, he didn’t tell the truth this time: The Securities and Exchange Commission revealed that the player was paid the equivalent of $244,000 (€228,000) for promoting the cryptocurrency.
And the former Celtics player, 45, who led Boston to the NBA title in 2008, published pictures of an account showing a large amount of “eMax” currency and large profits associated with this digital currency, while his holdings were much less.
SEC Chairman Gary Gensler said: This case is another reminder for celebrities: The law says you must disclose to the public who pays you and how much you promote investments in securities, and you cannot lie to investors.
He added: When celebrities agree to support investment opportunities, investors need to be careful to verify that these investments are suitable for them and they need to know why the celebrities are doing so.
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