Former NBA star settles for $1.4 million with SEC to promote EthereumMax

The US Securities and Exchange Commission is really starting to hit the crypto world. The next victim is Paul Pierce, a former basketball star from the United States, who is fined for promoting Ethereum Max. Pierce must pay the SEC $1.4 million after the settlement.

“ESPN, I don’t need you anymore”

Paul Pierce was fired by ESPN in early 2021 over a live video on Instagram of him misbehaving. In the above tweet, he hit back at the news channel, stating that he made more in a month with Ethereum Max than he made in a year with ESPN. Now Pierce is fined for these messages, because he did not mention that he received $ 244,000 for it.

In another post, Pierce posted a photo of a wallet supposedly his with a massive amount of Ethereum Max tokens. In reality, his holdings were well below the amount he shared in that post, the SEC shares.

Also, the NBA Hall of Famer shared a link to a website with instructions for potential investors to buy Ethereum Max tokens. Although Pierce denies and confirms the SEC’s charges, he has agreed to a settlement of $1.409 million.

Not the first time

Incidentally, it is not the first time that a celebrity in the United States has accepted a settlement proposal from the SEC. Earlier, the American reality star Kim Kardashian also did the same for an amount of 1.26 million dollars. She also participated in the promotion of Ethereum Max, without disclosing that she was paid $250,000 in return.

SEC Chairman Gary Gensler urges investors to always do proper research. Especially when it comes to projects promoted by celebrities. They are often tricked in a way by the developers of the projects.

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