Paul Pierce, a legendary former NBA player for the Boston Celtics, is in deep trouble for allegedly promoting a Crytpo fraud. Defending himself against this claim has cost Pircee a hefty $1.4 million, so it’s safe to say that it’s a serious matter.
Fans of the NBA know that Paul Pierce was a talented player who made an impact long after his playing days were over by serving as an analyst for the network. Yet, he seems to be inviting a lot of trouble and negative attention upon himself with this side business. Thus, followers need to have a genuine interest in knowing what he did for them to follow this story.
Paul Pierce Net Worth 2023
Paul Pierce net worth will be diminished as a result of the recent settlement with the SEC, but he should have a little issue meeting the financial obligations imposed by the settlement. As of February 2023, the legendary Boston Celtics player has an estimated net worth of $70 million.
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It’s no wonder that Pierce is one of the wealthiest ex-professional athletes given that he earned approximately $200 million from NBA contracts alone. In his prime, the small forward was one of the most dangerous offensive threats in the league. The 6-foot-7 forward called it quits that same year the salary cap skyrocketed, 2017.
For his efforts during the 2000s, when Pierce was at his peak, he was never paid more than $20 million a year. During his first year with the Celtics in 2009-10, Pierce earned $19.8 million. This year, his final one with the Los Angeles Clippers, was the most lucrative of his whole career. His one-year deal with the Clippers was valued at a paltry $1.1 million.
Paul Pierce’s sponsorship deals have helped boost his fortune. The forward had numerous endorsement deals with major organizations and brands during his successful NBA career, including Microsoft, Spalding, and Powerade. He made an estimated $2–$3 million a year from endorsements.
Career Journey
Paul Pierce’s professional basketball career got underway when the Boston Celtics picked him with the tenth overall choice in the 1998 NBA draught. After 15 years with the Celtics, in which he helped them reach the NBA Finals in 2008 and 2010, he retired.
Pierce was honored as the NBA Finals Most Valuable Player after the Celtics’ 2008 championship run. On top of that, Paul joins Larry Bird and John Havlicek as the only players in NBA history to amass 20,000 career points while playing exclusively for the Boston Celtics.
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
Deal With Boston Celtics
Paul Pierce signed a six-year, rookie-scale contract extension with the Boston Celtics in 2001. The deal was worth $79 million over the course of Pierce’s first two seasons. In 2006, the Celtics offered him a three-year veteran extension worth $59 million. Also, in July 2010, he agreed to a $41 million contract with the Boston Celtics for four years.
Together with Kevin Garnett and Jason Terry, Pierce was sent to the Brooklyn Nets in a trade in 2013. Before signing a two-year, $10 million contract with the Washington Wizards in 2014, he played one season for the Brooklyn Nets and was paid $15 million. After joining the Los Angeles Clippers in 2015, he retired the following year. Soon after, he was hired on as a basketball analyst for ESPN shows like The Jump and NBA Countdown.
Paul’s career statistics include 26,397 points scored, 7,527 boards grabbed, and 4,708 dimes dished out. Moreover, Pierce represented the USA in the 2002 FIBA World Championship as a member of the US national basketball team. He was picked to play in the 2006 FIBA World Championship but had to withdraw after needing some minor off-season surgery.
He was named to the NBA All-Star Team ten times throughout his career and to the NBA All-Rookie First Team and NBA All-Defensive First Team as a rookie. Paul was recognized as one of the NBA’s all-time greats and selected for the squad honoring the league’s 75th anniversary in 2021.
Paul Pierce Improperly Promoted Cryptocurrency On His Social Media
Bitcoin and the associated scams are becoming increasingly widespread in today’s society. Those who choose to ride this current on the internet are enticed by numerous advantages. Yet, the risk involved is enormous in comparison to other types of investments.
Pierce was unfazed by the potential sensitivity of marketing this market on his social media profile. The Securities and Exchange Commission issued a statement afterward as a direct result of this action. According to the report, the Celtics icon marketed products “without disclosing the cash he received for the advertising.”
They also found that Peirce had made “false and deceptive promotional assertions” regarding the goods. Hence, Pierce lied about how much money he made from this marketing, and there were risks involved with investing.
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,”
He makes an excellent point that most supporters won’t dispute. Paul Pierce should know better than to spread misleading information about a product without first having a team of people investigate the matter thoroughly. His failure to do so resulted in him having to pay $1.409 million to resolve the dispute.
We can only pray that he has learned from what promises to be an extremely costly mistake and will not repeat it. After all, $1.5 million isn’t a small sum of money by any means. Fortunately, Pierce has a net worth of almost $70 million and will be well regardless of the outcome.
