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FILE–Former NBA player Paul Pierce. Maddie Meyer/Getty Images/AFP
Former Boston Celtics star Paul Pierce has been ordered to pay more than $1.4 million in fines after he was charged with making false and misleading statements about crypto securities he was paid to promote, US regulators said on Friday.
The Securities and Exchange Commission (SEC) said in a statement that Pierce had been accused of using the EthereumMax (EMAX) token without disclosing that he had been paid to do so.
The SEC statement said Pierce – nicknamed ‘The Truth’ during his games – was paid EMAX tokens worth $244,000 to promote the securities.
The 45-year-old also posted pictures of his account showing large holdings and profits from securities when in fact his holdings were lower than what was shown.
“This case is another reminder for celebrities: The law requires you to disclose to the public from whom and how much you will be paid to promote investments in securities, and you cannot deceive investors when you have a security,” SEC chief Gary Gensler said.
“When celebrities endorse investment opportunities, including crypto-asset securities, investors should be careful to research if the investment is right for them, and should understand why the celebrity is making the endorsement.”
Pierce is the 10th NBA All-Star who was the NBA Finals Most Valuable Player in 2008, when he led Boston to the NBA championship.
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