The U.S. Securities and Exchange Commission (SEC) has charged Basketball Hall of Famer Paul Pierce for touting EMAX tokens and making misleading comments about unregistered crypto securities. The former Boston Celtics small forward agreed to settle the charges and pay the SEC $1.409 million.

Pierce agreed to pay $1.409m in penalties, disgorgement, and interest and has agreed not to promote any crypto asset securities for three years.

The US Securities and Exchange Commission (SEC) on Friday announced charges against former NBA player Paul Pierce for crypto violations. He was charged for endorsing EthereumMax (EMAX) tokens on social media without making relevant disclosures. The SEC said the former player made false and misleading promotional statements about EMAX. Accordingly, Pierce settled the charges with $1.409 million in penalties, disgorgement, and interest.

Reality TV star Kim Kardashian looks set to win an investor lawsuit against her and other celebrities over their endorsement of cryptocurrency EthereumMax (EMAX), after a judge tentatively dismissed the case on Monday, according to a Bloomberg report.