WASHINGTON, Feb 17 (Reuters) – Former basketball star Paul Pierce will pay $1.4 million to settle charges he unlawfully touted a crypto security, the U.S. Securities and Exchange Commission announced Friday.
The SEC said Pierce, who was elected to the Naismith Memorial Basketball Hall of Fame in 2021, promoted crypto tokens sold by EthereumMax on social media without disclosing payment and made misleading statements about the product. Pierce is the latest celebrity to be penalized by the SEC for improperly promoting crypto products on social media.
Reporting by Pete Schroeder, Editing by Franklin Paul
Our Standards: The Thomson Reuters Trust Principles.