National Basketball Association legend Paul Pierce has agreed to pay $1.4 million to settle Securities and Exchange Commission allegations that he touted a crypto token without disclosing that he was paid for the promotions.
Pierce failed to disclose that he was paid more than $244,000 to promote the EMAX token, offered by EthereumMax, on Twitter, the SEC said Friday.
The hall of famer, who was nicknamed “The Truth” during his career, also made false and misleading statements about the token, according to the SEC.
In October, Kim Kardashian agreed to pay $1.3 million to settle allegations about her promotion of the EMAX token.
“This case is yet another reminder to celebrities: The law requires you to disclose to the public from whom and how much you are getting paid to promote investment in securities, and you can’t lie to investors when you tout a security,” SEC Chair Gary Gensler said in a statement.
Pierce didn’t admit or deny the agency’s findings, according to the agency. The longtime Boston Celtic and frequent NBA All-Star also agreed not to promote any crypto asset securities for three years as part of the settlement.
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Two C-level leaders reveal the new time-saving tools they've implemented and what advisors are doing with their newly freed-up hours.
The RIA led by Merrill Lynch veteran John Thiel is helping its advisors take part in the growing trend toward fee-based annuities.
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
