• Paul Pierce, NBA Hall of Fame player, settles with the Securities and Exchange Commission (SEC) over charges of unlawful touting digital asset EthereumMax.
• SEC continues to crack down on the crypto industry, and Pierce has been charged with the same offense as other celebrities who had something to do with promoting the cash grab scheme supported by EthereumMax.
• As part of his settlement with the SEC, Paul Pierce will pay a sum of $1.1 million as a penalty for his offense committed and abstain from promoting any crypto assets for three years.
Paul Pierce Settles With SEC Over Unlawful Touting Of EthereumMax
Paul Pierce, NBA Hall of Fame player, recently settled with the Securities and Exchange Commission (SEC) over charges of unlawful touting digital asset EthereumMax. The SEC is continuing its crackdown on crypto industry by charging those involved in promoting cash grab schemes supported by EthereumMax project.
The Offense And Penalty
Pierce was paid a total sum of more than $244,000 in EMAX tokens for promoting EthereumMax tokens without disclosing that he was doing so for a profit. To settle this case with SEC, Pierce has agreed to pay a sum of $1.1 million as penalty and abstain from promoting any crypto assets for three years. According to SEC Chairman 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.”
Other Celebrities Involved In Promoting TheEtherumMax Project
Aside from Paul Pierce, other celebrities such as Kim Kardashian and sports legend Floyd Mayweather Jr were also part of this legal case over their promotion of Etherum Max project without disclosing they were doing so for profits they would gain from it.
The Lesson Learned From This Case
Celebrity endorsements can have great influence on potential investors when it comes to investing in new or unusual products or services like cryptocurrency investments but before making any endorsement these celebrities should make sure that they fully understand what they’re endorsing so that their fans don’t get misled into taking risky decisions which might cost them heavily later on. Furthermore these celebrities should also disclose all information related to what kind of compensation are they receiving in exchange for their endorsement which helps people make informed decision about their investment choices rather than blindly following what others tell them about particular investments product or service .
It’s important that all parties involved in cryptocurrency industry comply with federal regulations related to securities trading so that market participants don’t suffer significant losses due lack of knowledge or information regarding risks associated with certain types of investments especially those involving high-risk assets like cryptocurrencies