The US Securities Regulatory Commission (SEC) accused John McAfee, the founder of anti-virus software company John McAfee, of promoting seven levels of virtual currency on Twitter, but concealing the endorsement fee of more than $23.1 million. Also, the US Department of Justice prosecuted McAfee for tax evasion, and he has been arrested in Spain.
McAfee is the founder of McAfee, a well-known computer anti-virus software manufacturer. In August 2010, Intel acquired McAfee for $7.7 billion. Moreover, McAfee is arrested for driving a car for “drug use”. John McAfee fled the United States and went into exile in the Bahamas and Cuba.
Before, John McAfee had been in jail several times. In July last year, McAfee also announced his intention to participate in the 2020 US presidential election as a candidate for the Liberal Party. In 2016, McAfee participated in the presidential election.
According to prosecutors, John McAfee is accused of failing to file U.S. tax returns between 2014 and 2018 and concealing assets, including real estate, cars and yachts in the name of others.
According to an official from the Spanish police, John McAfee was arrested on October 3 at Barcelona Airport on his way to Istanbul. The US Department of Justice stated that he is currently in detention awaiting extradition.
According to the SEC’s indictment, John McAfee sold seven initial coin offerings (ICOs) to Twitter followers at least between November 2017 and February 2018 and obtained digital assets worth more than 23.1 million U.S. Dollars. When some investors asked McAfee whether to charge a fee to promote the ICO, he denied that he would charge the industry.
The complaint also pointed out that John McAfee made false and misleading remarks to investors, such as claiming that he also invested in some virtual currencies he promoted. “McAfee improperly claimed to be an investor and technical advisor when promoting these ICO cases.”
The SEC stated that McAfee misled investors that he had studied these companies. Moreover, McAfee was willing to invest his own funds. “In fact, McAfee’s tweets are disguised as investment advice to sell endorsements.” The SEC pointed out, “McAfee uses his reputation to collect more than 23.1 million US dollars in remuneration.” His investment advice is grossly false and misleading. Trying to promote “almost worthless” cryptocurrency to investors.
Soon after the SEC sued John McAfee, the US Department of Justice also filed criminal proceedings against him. The Department of Justice accused McAfee of making millions of dollars in activities such as promoting cryptocurrency, providing consulting services.
McAfee was depositing the income in other people’s banks and encrypted currency accounts. Also, McAfee using these accounts to hide assets and real estate, including yachts.
Each count of tax evasion will face up to five years of criminal liability. Moreover, each count of deliberate failure to file a tax will face up to one year in prison. McAfee will stand trial in the United States due to arrested in Spain.
If convicted of tax evasion, he will face up to five years in prison. If he fails to declare his taxes, he will face a year in prison.
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