SEC fines former Boston Celtics star Paul Pierce for crypto push

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Former Boston Celtics player Paul Pierce will face a hefty fine for settling Securities and Exchange Commission (SEC) charges.

The SEC said Friday that the amount Pierce will have to pay is $1.4 million, a figure that includes a $1.115 million fine and about $240,000 in restitution and prejudgment interest. The charges he is settling involve accusations that he uploaded securities of EMAX crypto assets without disclosing the payment he received for such acts, as well as making statements about the token offered by EtherumMax that were “false and misleading,” according to the agency’s press release.

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As part of the settlement, the former Celtics star did not admit or deny the SEC charges. The regulator said that Pierce, for a period of three years, cannot engage in any sale of securities of crypto assets.

The SEC has claimed that former Boston Celtics player Paul Pierce committed securities law violations by not being transparent with the public about the more than $244,000 in EMAX tokens the regulator said have received for touting the asset on Twitter. (REUTERS/Jonathan Ernst/Reuters)

The SEC claimed that Pierce committed securities law violations by not being transparent with the public about the more than $244,000 in EMAX tokens the regulator said he received for touting the asset on Twitter. The agency also accused him of posting misleading information on Twitter, “including tweeting a screenshot of an account showing large holdings and profits without revealing that his own personal holdings were in fact much lower than those in the screenshot”.

The SEC said Pierce cannot engage in any sales of securities of crypto assets for a period of three years. (REUTERS/Dado Ruvic/Illustration/Reuters)

The SEC’s announcement of Pierce’s settlement comes about four months after Kim Kardashian was fined $1.26 million to settle charges related to EMAX token promotions. Along with her settlement, Kardashian also did not admit or deny the allegations against her.

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“Federal securities laws clearly state that any celebrity or other person who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion,” Gurbir Grewal, director of the SEC’s enforcement division, said in Friday’s news. release. “Investors have a right to know whether a stock’s sponsor is impartial, and Mr. Pierce has not disclosed that information.”

The SEC’s announcement of Pierce’s settlement comes about four months after Kim Kardashian was fined $1.26 million to settle charges related to EMAX token promotions. (Reuters/Jonathan Ernst/Reuters Pictures)

Pierce played 19 seasons in the NBA. He was drafted by Boston in 1998 and played 15 straight seasons with them, according to ESPN stats. Other teams he has played for during his career include the Brooklyn Nets, Washington Wizards, and Los Angeles Clippers.

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FOX Business reached out to Excel Sports Management for Pierce’s comment.

Caroline Thayer contributed to this report.

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