John McAfee Associate Fined by the SEC For ICO Promotions and Pump and Dump Scams

SEC fines McAfee associate

McAfee’s Associate Jimmy Gale Watson Fined $375K and Banned From Professional Securities and Digital Asset Schemes

The US Securities and Exchange Commission announced a judgment against an associate of the late John McAfee for participating in an alleged initial coin offering (ICO) scam.

  • The top financial watchdog argued that Watson had assisted John McAfee by working on the promotion deals with various ICO issuers.
  • He also allegedly helped McAfee to cash out some of the cryptocurrency payments that they received.
  • The final judgment against Watson bans him from buying, selling, or even offering digital assets in any professional capacity while also slamming a total financial penalty upwards of $375K.
  • However, he can still buy or sell crypto on his personal behalf and with his personal accounts.
  • The SEC also went on to accuse Watson and McAfee of promoting and taking part in various pump and dump schemes while accumulating massive positions and then promoting it on Twitter to the millions of followers that the antivirus tycoon had.
  • Meanwhile, John McAfee reportedly committed suicide in Spain just over a year ago, but his widow Janice McAfee doesn’t accept the Spanish officials’ story. “I’m not buying it,” McAfee’s widow explained in July 2021.
  • Janice McAfee and other members of John’s family have petitioned the Spanish High Court to get a third party to do another autopsy on John’s body and the legal matters behind the pending request made it so his corpse is still located in the morgue.
  • While Watson may have to face other fraud charges going forward, a Notice of Death was issued regarding McAfee and the SEC’s claims for relief against McAfee’s alleged crimes have been waived.

In March 2021, McAfee declared that the SEC “allegations are overblown.” Three months later, he was found dead in a Spanish prison from an apparent suicide — a conclusion that his family denies. McAfee had been on the run for months after being charged with tax evasion and promoting seven initial coin offerings (ICOs) that U.S. authorities described as “pump-and-dump” schemes that allegedly made McAfee over $23 million.

However, the author of McAfee’s biography, No Domain: The John McAfee Tapes, said that McAfee was broke when he died.

Content retrieved from: https://medium.com/@coinzone/john-mcafee-associate-fined-by-the-sec-for-ico-promotions-and-pump-and-dump-scams-bd24d17ba152.