Regulation
John McAfee Awaiting Extradition – Indicted on Various Securities Violations and Tax Evasion
Crypto-advocate, and well known personality, John McAfee, has been apprehended by Spanish authorities as a result of various charges being laid upon him. He now awaits extradition to the United States where he is being indicted for his purported offences.
Various Charges
The charges laid upon McAfee are numerous, including,
- Tax evasion
- Misleading statements
- Paid promotion
In each instance, cryptocurrencies were involved. It is alleged that McAfee utilized digital assets to hide and funnel income generated through the illegal promotion of various securities.
These activities are said to have taken place between 2014 and present day.
Projects Promoted
Unfortunately for McAfee, the act of illegally promoting investment products was not a one-time slip up. This was habitual, with various companies putting forth significant money to attain his ‘endorsement’.
While the SEC did not name any specific ICOs promoted by McAfee, the following are a few examples of those which he did via Twitter – a ‘service’ which he allegedly charged $105,000 for.
- Tron
- BURST
- Electroneum
- SAFEX
Cumulatively, the SEC purports that McAfee brought in roughly $23million USD through paid promotions.
Similar Incidents
For those that follow the world of blockchain, if these events sound familiar, that is because they are. Over the past few years, a variety of celebrities have leveraged their status in the limelight to illegally promote blockchain projects.
We have recently highlighted another example of this, as rapper/actor T.I. was charged by the SEC. The following celebrities are a few others to have found themselves in the crosshairs of the SEC.
John McAfee
While his fame originated from the creation of the wildly popular anti-virus software ‘McAfee’, it has since taken various twists and turns over the years.
Through various run-ins with the authorities, typically stemming from tax-issues, John McAfee has gained notoriety over the years as an intriguing personality, with a proclivity for causing trouble.
In recent years, he is most well-known for his association with the world of blockchain, and his super-bullish predications for the future price of Bitcoin.
Securities and Exchange Commission
The SEC is a U.S. based regulatory body. It is tasked with fostering fair and transparent markets, through the creation and enforcement of securities regulations.
Chairman, Jay Clayton, currently oversees company operations.
