Sports

Paul Pierce Followed In The Footsteps Of Kim Kardashian And Now Owes The SEC A Ton Of Money

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Life is generally pretty good for Paul Pierce these days.

Sure, Pierce was fired by ESPN a couple years ago. And sure, he may or may not owe a significantly gambling debt.

But it’s all good. Pierce went into the basketball hall of fame in 2021 and is spending most of his free time trolling fans on Twitter.

That is, when he’s not hawking cryptocurrency.

And it’s that last part that has Pierce in trouble. Not for the first time, either.

Pierce was sued last year, along with Kim Kardashian and Floyd Mayweather, for an alleged crypto scheme where they artificially inflated the price of EthereumMax (EMAX) Tokens as part of a pump-and-dump scheme.

Kardashian was later fined $1.26 million by the Securities and Exchange Commission (SEC) for “unlawfully touting crypto security.”

Now it’s Pierce’s turn to pay up.

SEC Fines Paul Pierce Over Crypto Scam

The former NBA star was charged by the SEC on Tuesday for making false (or) misleading promotional statements about the crypto token, EthereumMax.

The charges allege that Pierce received nearly $250,000 for endorsing the token.

“This case is yet another reminder to celebrities: The law requires you to disclose to the public from whom and how much you are getting paid to promote investment in securities, and you can’t lie to investors when you tout a security,” said SEC Chair Gary Gensler. – via Yahoo Finance

The SEC also alleges that Pierce tweeted misleading info about the cryptocurrency. That includes tweets showing large holdings and profits that did not accurately reflect his own personal holdings.

Put more succinctly, The Truth wasn’t telling the truth.

It didn’t take long for fans to break out the jokes on Twitter after the news of Pierce’s fine.

https://twitter.com/crawf34/status/1626707330518642688?s=20

So, uh, maybe life isn’t so good for Paul Pierce. At least, it’s less good than it probably was 24 hours ago.