John McAfee Indicted by Department of Justice

John McAfee Indicted by Department of Justice

March 5, 2021

Key Takeaways

  • The U.S. Department of Justice has indicted John McAfee for allegedly running a crypto “pump and dump” scheme. 
  • The entrepreneur was previously charged by the U.S. SEC. with fraudulently promoting ICOs.
  • McAfee was detained in Spain last year after he was arrested on criminal tax evasion charges. 

Eccentric entrepreneur John McAfee is in more trouble with U.S. authorities over an alleged “pump and dump” scheme and ICO.

McAfee Charged With Fraud

McAfee has been indicted on charges of fraud and money laundering by the U.S. Department of Justice (DOJ).

The United States Attorney for the Southern District of New York said in a statement today that McAfee was charged with “conspiracy to commit commodities and securities fraud, conspiracy to commit securities and touting fraud, wire fraud conspiracy and substantive wire fraud, and money laundering conspiracy offenses.”

McAfee allegedly used Twitter to promote altcoins in “pump and dump” schemes. McAfee was also charged with promoting ICOs without disclosing that he was paid to do so. Jimmy Watson, a member of McAfee’s crypto advisory team, has also been charged.

“As alleged, McAfee and Watson used social media to perpetrate an age-old pump-and-dump scheme that earned them nearly two million dollars,” FBI Assistant Director William F. Sweeney Jr. stated.

Additionally, Sweeney suggested that McAfee and Watson used the same social media to promote sales without disclosing the fact that they were compensated to do so.

McAfee Controversy Continues

McAfee is best known as the founder of the computer security firm McAfee Corp., but he has become infamous for his alleged ties to the drug trade and his zealous attitude toward cryptocurrency.

Last year, he was sued by the U.S. Securities and Exchange Commission for allegedly promoting crypto ICOs dishonestly. He was also charged with tax evasion by the DOJ.

He is currently in prison in Spain due to those charges.

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