Just In: John McAfee Has Charged With Securities Fraud For ‘Pump and Dump’ Cryptocurrency Scheme

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Recently, John McAfee has actually been charged with securities fraud over a “pump and dump” cryptocurrency theme.

Federal prosecutors unsealed a case against McAfee and his government adviser and bodyguard Jimmy wind Watson Jr., claiming the pair earned nearly $2 million by urging Twitter followers to take a position in cryptocurrencies like Reddcoin and Dogecoin, then selling off their own holdings because the price rose.

Notably that “McAfee and Watson took a widely used social media platform and vibrant spirit among investors within the upsurge cryptocurrency market to create millions through lies and deception,” said the U.S.A.

professional Audrey Strauss in a long statement. “The defendants assumed that they used McAfee’s Twitter account to publish messages to thousands and millions of his Twitter followers touting numerous cryptocurrencies like false and image denting statements to hide their true, self-interested motives.”

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The pair allegedly ran their theme between Dec 2017 to Oct 2018. McAfee used his verified Twitter account, which has around one million followers, to suggest a “Coin of the Day” or “Coin of the Week.”

The indictment says McAfee claimed to own no stake in these altcoins; truly, McAfee would allegedly buy voluminous quantities beforehand exploitation bitcoin, then offload them once more when his followers had driven up the price.

McAfee and Watson are actually facing 7 charges, every count carrying between 5 and 20 years in prison. The criminal includes embodying wire fraud, and conspiracy to commit commodities and securities fraud, and conspiracy to commit concealment.

McAfee known for funding the eponymous was already arrested last year on separate evasion charges. The Securities and Exchange Commission sued him in October for fraudulently promoting initial coin offerings or ICOs.

Basically in 2019, a court-ordered him to pay $25 million for allegedly ordering the 2012 killing of his neighbor in Belize. (McAfee has denied involvement and refused to pay the funds.) These charges have added another layer to his alleged crimes.

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