National Basketball Association legend Paul Pierce has agreed to pay $1.4 million to settle Securities and Exchange Commission allegations that he touted a crypto token without disclosing that he was paid for the promotions.
Pierce failed to disclose that he was paid more than $244,000 to promote the EMAX token, offered by EthereumMax, on Twitter, the SEC said Friday.
The hall of famer, who was nicknamed “The Truth” during his career, also made false and misleading statements about the token, according to the SEC.
In October, Kim Kardashian agreed to pay $1.3 million to settle allegations about her promotion of the EMAX 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,” SEC Chair Gary Gensler said in a statement.
Pierce didn’t admit or deny the agency’s findings, according to the agency. The longtime Boston Celtic and frequent NBA All-Star also agreed not to promote any crypto asset securities for three years as part of the settlement.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
