BOSTON (WBZ NewsRadio) — Celtics legend and NBA Hall of Famer Paul Pierce is being charged by the federal Securities and Exchange Commission. The SEC said Pierce was paid the equivalent of $244,000 to promote EMAX tokens, a token sold by Ethereum Max — but never told the public he was being paid.
The ten-time NBA All-Star has settled with the SEC, which is fining him more than $1.4 million in penalties and interest.
The agency said Pierce promoted the coin on social media, including sharing a misleading screenshot of a crypto account that was not his own. He didn't admit to any wrongdoing, but agreed not to promote any other cryptocurrency for three years.
Pierce played for the Celtics for more than a decade beginning in the late 90s, and helped lead the team to their first NBA championship in two decades in 2008.