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Home»Security and Privacy»McAfee Faces Decades Behind Bars After Fraud Indictment
McAfee Faces Decades Behind Bars After Fraud Indictment
Security and Privacy

McAfee Faces Decades Behind Bars After Fraud Indictment

March 2, 2025No Comments2 Mins Read
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Famed Anti-Virus Pioneer John McAfee Indicted on Cryptocurrency Fraud Charges

Renowned anti-virus pioneer John McAfee has found himself in legal trouble once again, this time facing charges of cryptocurrency fraud, money laundering, and more. The 75-year-old, currently in Spain awaiting extradition to the US for tax evasion, is accused of being involved in two fraudulent schemes with executive advisor Jimmy Watson and others during the period of December 2017 to October 2018.

Details of the Allegations

The first scheme involved a classic pump-and-dump strategy where McAfee, Watson, and their accomplices allegedly purchased large quantities of publicly traded altcoins. They then promoted these altcoins on Twitter without disclosing their ownership stake, subsequently selling them at a profit. The Department of Justice (DoJ) claims that the defendants made approximately $2 million from this scalping scheme.

In the second scheme, McAfee, Watson, and others utilized McAfee’s official Twitter account to endorse initial coin offerings (ICOs) without revealing that they were being compensated by the ICO issuers. This activity reportedly generated an estimated $11 million for the defendants, which they attempted to hide from investors. Additionally, McAfee and Watson are accused of involving another team member in the money laundering process.

The Indictment

McAfee and Watson are facing a seven-count indictment, including charges of conspiracy to commit commodities and securities fraud, securities and touting fraud, wire fraud, and money laundering. If convicted, they could be sentenced to significant prison terms and financial penalties.

Response from Authorities

FBI assistant director, William Sweeney, stated, “As alleged, McAfee and Watson used social media to perpetrate an age-old pump-and-dump scheme that earned them nearly $2 million. Additionally, they allegedly used the same platform to promote digital tokens without disclosing their compensation, resulting in significant financial gain. Investment fraud and money laundering schemes carry a strict penalty under federal law.”

See also  Ethereum shows promise but faces THIS critical resistance zone - What's next?

Legal Proceedings

McAfee was arrested in Spain last year and is currently facing both criminal and civil charges related to the cryptocurrency fraud case. The Securities and Exchange Commission (SEC) has also taken action against McAfee and Watson in connection with the alleged fraudulent activities.

Bars decades faces Fraud indictment McAfee
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