Tag: cryptocurrency and nfts

SEC charges former Celtic Paul Pierce with fraudulent promotion of cryptocurrency

Former Celtic Paul Pierce agreed to pay $1.3 million in fines following SEC charge of misleading cryptocurrency promotions.

The United States Securities and Exchange Commission has reportedly charged former Boston Celtic Paul Pierce with making false and misleading statements in promoting the cryptocurrency EthereumMax. Pierce was sued back in May for his involvement and promotion of the “crypto” product.

The SEC found Pierce violated the anti-touting and antifraud rules under current federal securities laws. Pierce promoted EthereumMax on social media without disclosing payments totally more than $244,000 for said promotions.

Pierce has neither admitted nor denied the SEC’s charges, but the NBA Hall of Famer has agreed to pay $1.3 million in penalties and fees.

Celtics alumnus Paul Pierce reportedly being sued for involvement in cryptocurrency kerfuffle

There is increasing scrutiny on athletes lending their endorsements to NFTs and crypto after investments go wrong.

Cryptocurrency and NFTs are increasingly being endorsed by athletes in recent months. At the same time, a rising tide of lawsuits and accusations of fraud surrounding these innovative (and lightly regulated) financial instruments have begun to percolate into the media covering those endorsing athletes. Boston Celtics alumnus Paul Pierce, according to a new report by New York Times’ David Yaffe-Bellany, finds himself among them.

Pierce, who had previously endorsed a lesser-known form of cryptocurrency called “EthereumMax,” is now embroiled in a lawsuit regarding his activities tied to that form of “crypto” (as it is often called for short) according to Yaffe-Bellany’s article detailing the seedy underside of crypto and NFT endorsement in sporting circles.

“Even celebrities who disclose crypto payments have found themselves in legal trouble,” writes the NYT author.