Paul Pierce‘s checking account is about to take an enormous hit … the ex-NBA star has agreed to pay $1.4 MILLION after authorities accused him of improperly selling crypto on his social media web page.

The Securities and Change Fee introduced the settlement on Friday … after it charged the previous Celtics ahead over the best way he promoted and spoke about EMAX tokens on his Twitter account.

Based on the SEC, Pierce touted the EthereumMax merchandise “with out disclosing the cost he obtained for the promotion.” It additionally stated Peirce made “false and deceptive promotional statements” concerning the product as properly.

Particularly, the SEC stated Pierce was paid greater than $244K to advertise the objects … whereas claiming he tweeted a picture of a checking account with massive figures, regardless of his account having a considerably decrease complete.

The SEC stated Pierce in the end agreed to fork over $1.409 million “in penalties, disgorgement and curiosity” to settle the costs.

“This case is one more reminder to celebrities: The regulation requires you to open up to the general public from whom and the way a lot you might be getting paid to advertise funding in securities, and you may’t misinform buyers once you tout a safety,” SEC Chair Gary Gensler stated in a press release.

“When celebrities endorse funding alternatives, together with crypto asset securities, buyers needs to be cautious to analysis if the investments are proper for them, and they need to know why celebrities are making these endorsements.”