Paul Pierce In Trouble Over Crypto EMAX Token Promotion

February 18, 2023 Story: Divya Sinha

On Friday, the US SEC announced charges against NBA Player Paul Pierce for the EthereumMax (EMAX) token promotion.

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As per the release, he was charged for endorsing EMAX tokens on social media without making the necessary disclosures.

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The primary charge was that Pierce failed to disclose that he was paid more than $244,000 worth of EMAX tokens to promote the tokens on Twitter.

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In addition, Pierce posted false information on Twitter about EMAX, including sharing a screenshot of an account with significant holdings and earnings.

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However, his own assets were in reality considerably smaller than those shown in the screenshot.

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Pierce has agreed to settle the charges and pay $1.409 million in penalties, disgorgement, and interest.

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Also, he has agreed not to promote any crypto asset securities for next three years.

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