"Mr. Truth" Paul Pierce charged by SEC! Illegally promoting crypto securities, fined millions of dollars

NBA Hall of Famer "The Truth" Paul Pierce was charged by the SEC today for violating federal securities laws with a Twitter post in May 2021, where he promoted and sold cryptocurrency securities to the public without disclosing his own interests, resulting in a fine of millions of dollars.

"Mr. Truth" Fined Heavily by SEC

According to a press release from the SEC, Paul Pierce has been charged by the SEC for selling the cryptocurrency security token EMAX on social media without disclosing receiving over $240,000 in promotional fees, and making false and misleading promotional statements.

The above actions caused Paul Pierce to violate anti-touting and anti-fraud provisions of federal securities laws. Without admitting or denying the findings of the SEC's investigation, he has agreed to pay a $1.115 million penalty and approximately $240,000 in ill-gotten gains and interest. Additionally, he is prohibited from promoting any cryptocurrency securities for three years.

From the Twitter post below by Paul Pierce, he claims to have made money through EMAX tokens and advises the public to do the same. The post also includes a link to purchase EMAX tokens, which the SEC states provides potential investors with instructions on how to purchase EMAX tokens.

"This case serves as a reminder to celebrities: the law requires you to disclose to the public how much you are being paid to promote securities investments, and you cannot lie to investors when promoting securities." said SEC Chairman Gary Gensler.

According to previous reports, American socialite Kim Kardashian was also charged by the SEC for illegally promoting cryptocurrency securities last October, promoting EMAX tokens as well, and she paid a $1.26 million fine and disgorgement.