Prison Is Not a Good Abode –John McAfee Shares His Pain after Three Months in Spanish Prison
AI Trading

The United States Securities and Exchange Commission (SEC) has sued the popular septuagenarian crypto big gun, John McAfee for his past activity related to the promotion of initial coin offerings (ICOs) on social media.

The complaint reads as follows:

“From at least November 2017 through February 2018, McAfee leveraged his fame to make more than $23.1 million U.S. Dollars (“USD”) in undisclosed compensation by recommending at least seven “initial coin offerings” or ICOs to his Twitter followers. The ICOs at issue involved the offer and sale of digital asset securities and McAfee’s recommendations were materially false and misleading for several reasons.”

John McAfee’s Accusations

John McAfee was specifically arrested for not disclosing “that he was being paid to promote the ICOs by the issuers,” that he “falsely claimed to be an investor and/or a technical advisor when he recommended several ICOs,” that he “encouraged investors to purchase the securities sold in certain of the ICOs without disclosing that he was simultaneously trying to sell his own holdings and had paid another third-party promoter to tout the securities” and that he “engaged in a practice known as “scalping” as to at least one digital asset security, by accumulating large amounts of the digital asset security and touting it on Twitter without disclosing his intent to sell it.”

AI Trading

Read Also: John McAfee Is 99% Certain He Knows the Anonymous Creator of Bitcoin (BTC), Satoshi Nakamoto

John McAfee Arrested In Spain for Tax Evasion

According to the Department of Justice, John McAfee has been charged for evading tax. He was arrested in Spain where he is expected to be extradited.

The Department of Justice (DOJ) stated:

“According to the indictment, John McAfee earned millions in income from promoting cryptocurrencies, consulting work, speaking engagements, and selling the rights to his life story for a documentary. From 2014 to 2018, McAfee allegedly failed to file tax returns, despite receiving considerable income from these sources. The indictment does not allege that during these years McAfee received any income or had any connection with the anti-virus company bearing his name.”

The statement reads further that “If convicted, McAfee faces a maximum sentence of five years in prison on each count of tax evasion and a maximum sentence of one year in prison on each count of willful failure to file a tax return. McAfee also faces a period of supervised release, restitution, and monetary penalties.”

Read Also: John McAfee Discards His 2020 Bitcoin Prediction, Says Eating Di*k on National TV is Just a Ruse

McAfee’s co-defendant, Jimmy Gale Watson, Jr., was described as McAfee’s bodyguard. Watson is accused of assisting McAfee, naming the touting, and scalping activities in particular.

“McAfee was paid Bitcoin (BTC) and ether (ETH) worth more than $11.6 million, plus an additional $11.5 million worth of promoted tokens, as undisclosed compensation for his promotions of seven ICOs. McAfee paid Watson at least $316,000 for his role,” the complaint stated.

Join us on Twitter

Join us on Telegram

Join us on Facebook

AI Trading

HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.