NBA Hall of Fame player "Mr. Truth" Paul Pierce was charged by the SEC today. His Twitter posts in May 2021 violated federal securities laws and sold and promoted crypto securities to the public without fully disclosing his own interests. As a result, he was fined millions of dollars.

"Mr. Truth" was fined heavily by the SEC

According to the SEC’s press release, Paul Pierce was charged by the SEC for promoting crypto-asset securities (EMAX tokens) on social media without disclosing receipt of industry matching fees worth more than $240,000, and making Make false and misleading promotional claims.

The above behavior caused Paul Pierce to violate the anti-peddling and anti-fraud provisions of the federal securities laws. Without admitting or denying the findings of the SEC investigation, Paul Pierce agreed to pay a fine of US$1.115 million and ill-gotten gains and interest of approximately US$240,000. . Additionally, no crypto-asset securities may be promoted for three years.

As you can see from Paul Pierce’s Twitter post below, he claims to have made money using the EMAX token and advises the public that they should do the same. At the same time, a link to purchase EMAX tokens was also attached to the post, which the SEC stated provided potential investors with instructions for purchasing EMAX tokens.

"This case is another reminder to celebrities that the law requires you to disclose to the public where and how much you are paid to promote securities investments, and you cannot lie to investors when promoting securities," SEC Chairman Gary Gensler said.

According to previous reports, American socialite Kim Kardashian was also charged by the SEC in October last year for illegally promoting crypto securities, also promoting the EMAX token. At that time, she paid a fine of US$1.26 million and illegal gains.

This article "Mr. Truth" Paul Pierce was charged by the SEC! Illegal allotment of crypto securities, fined one million US dollars, first appeared on Chain News ABMedia.