NBA Hall of Famer Paul “The Truth” Pierce agreed to pay $1.4 million to settle charges from the Securities and Exchange Commission over a cryptocurrency he promoted on Twitter. The SEC charged Pierce with making false and misleading promotional statements about EthereumMax (EMAX) and failing to disclose the $244,000 payment in tokens he received for plugging it on social media.
The SEC said Pierce also posted a misleading screenshot of an account showing much more in EMAX holdings and profits than his account had. Pierce also tweeted a link to the currency’s website, including instructions on purchasing EMAX tokens. The government agency found that Pierce violated anti-touting and antifraud provisions of federal securities laws.