A 'misleading' crypto promotion by an NBA star has cost him $1.4 million in fines

Former Boston Celtics star Paul Pierce is ordered to pay more than $1.4 million in penalties after being charged with making false and misleading statements about crypto securities.

The Securities and Exchange Commission (SEC) said in a statement Pierce had been charged with touting EthereumMax (EMAX) tokens without disclosing that he had been paid to do so.

The SEC statement said Pierce nicknamed 'The Truth' during his playing days was paid EMAX tokens worth $244,000 to promote the securities.

The 45-year-old also posted a screenshot of an account showing large holdings and profits of the securities when in fact his holdings were much lower than those shown.

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