- The U.S. Department of Justice has indicted John McAfee for allegedly running a crypto “pump and dump” scheme.
- The entrepreneur was previously charged by the U.S. SEC. with fraudulently promoting ICOs.
- McAfee was detained in Spain last year after he was arrested on criminal tax evasion charges.
Share this article
Eccentric entrepreneur John McAfee is in more trouble with U.S. authorities over an alleged “pump and dump” scheme and ICO.
McAfee Charged With Fraud
McAfee has been indicted on charges of fraud and money laundering by the U.S. Department of Justice (DOJ).
The United States Attorney for the Southern District of New York said in a statement today that McAfee was charged with “conspiracy to commit commodities and securities fraud, conspiracy to commit securities and touting fraud, wire fraud conspiracy and substantive wire fraud, and money laundering conspiracy offenses.”
McAfee allegedly used Twitter to promote altcoins in “pump and dump” schemes. McAfee was also charged with promoting ICOs without disclosing that he was paid to do so. Jimmy Watson, a member of McAfee’s crypto advisory team, has also been charged.
“As alleged, McAfee and Watson used social media to perpetrate an age-old pump-and-dump scheme that earned them nearly two million dollars,” FBI Assistant Director William F. Sweeney Jr. stated.
Additionally, Sweeney suggested that McAfee and Watson used the same social media to promote sales without disclosing the fact that they were compensated to do so.
McAfee Controversy Continues
McAfee is best known as the founder of the computer security firm McAfee Corp., but he has become infamous for his alleged ties to the drug trade and his zealous attitude toward cryptocurrency.
Last year, he was sued by the U.S. Securities and Exchange Commission for allegedly promoting crypto ICOs dishonestly. He was also charged with tax evasion by the DOJ.
He is currently in prison in Spain due to those charges.
Disclaimer: the author held BTC, ETH, UNI, DOT at the time of writing.
SEC Files Criminal Charges Against John McAfee for Shilling 7 ICOs
The U.S. Securities and Exchange Commission (SEC) has filed charges against John McAfee, alleging that the crypto celebrity profited by promoting certain ICO sales on Twitter. McAfee Promoted 7 ICOs…
McAfee Shilled a PIVX Ripoff, but Investors Don’t Seem to Mind
The John McAfee-endorsed Ghost token is up 100% since the start of the month, even though McAfee admitted it was a ripoff of the PIVX privacy coin. Ghost Token Feels…
Ex-Microsoft Employee Charged With First-Ever Bitcoin Tax Fraud in US
A Ukrainian software engineer has been sentenced to nine years in prison after defrauding Microsoft of more than $10 million. Volodymyr Kvashuk transferred funds into Bitcoin as part of the…
Looking Back on 2020 and 2021 Predictions
Happy New Year from all of us at Crypto.com Research! 2020 was an unprecedented year for the world and for crypto. Before we fully plunge into 2021 predictions, we will…