Former NBA player and Boston Celtics legend Paul Pierce just got into a heap of trouble regarding the promotion of a Crytpo scam. This is a troubling accusation that has cost Pircee a significant $1.4 million as a result of his behavior.
As NBA fans will be aware, Paul Pierce was quite a good NBA player and even continued to make his presence felt after his career ended as a guest analyst at ESPN. However, this side hustle of his looks like it is going to be quite a headache and bad publicity. That said, fans must definitely want to know what he did in order to stay updated about this situation.
Paul Pierce improperly promoted cryptocurrency on his social media
Cryptocurrency and the scams that come with it are growing increasingly common in this modern generation. This form of internet current tempts users with great benefits. However, they also bring an incredible amount of risk when compared to average investments.
Despite the sensitive nature of this market, Pierce had no problem promoting it on his social media page. As a result of doing so, the Securities and Exchange Commission soon got involved and released a statement. They revealed that the Celtics legend promoted products “without disclosing the payment he received for the promotion.”
Additionally, they also revealed that Peirce made “false and misleading promotional statements” about the product as well. That means that there were certain risks with investing and Pierce was also lying about the amount of money he made for this promotion.
The SEC chair sent out a message addressing this issue, “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,”
Paul Pierce has been ordered to pay $1.4M after authorities accused him of improperly promoting crypto on his social media page, per @TMZ_Sports pic.twitter.com/zjC9YCZlr8
— NBACentral (@TheNBACentral) February 17, 2023
He certainly makes a valid point that not many fans will have a problem with. Paul Pierce should know better than to falsely advertise any product without having a team do solid research. Since he apparently failed to do so, he had to end up paying $1.409 million to settle the case.
People asking if they should jump on the @ethereum_max train I’m n for the long haul if u missed out on the 1st wave now is the time to jump on board #fuckespn 🚀
— Paul Pierce (@paulpierce34) May 30, 2021
We hope that he has learned what looks to be a very expensive lesson and ensures that this does not happen again in the future. After all, $1.5 million is no laughing amount of money. Thankfully, Pierce has a net worth of around $70 million and should come out of this alright.
