Jimmy Gale Watson, Jr., a business associate of John McAfee, was named by the Securities and Exchange Commission today in a final compliance judgment for his alleged involvement in an ICO hoax.
McAfee was detained by Spanish police in October 2020. In a complaint, the SEC claimed that McAfee created the antivirus market. Watson assisted them, but they kept quiet about being paid. promoted purchasing ICOs.
The agency asserts that Watson helped McAfee in the negotiations with the ICO issuers over the promo agreements. Additionally, he helped McAfee get cryptocurrency payments.
McAfee and Watson were also accused by the SEC of taking part in pump-and-dump schemes. They planned to sell their hidden holdings in Bitcoin when its value rose. They also promoted it on Twitter.
WASTON IS PERMANENTLY BARRED FROM SELLING DIGITAL ASSETS BY THE SEC.
Watson was fully prohibited from purchasing, offering for
sale, and using digital assets in any way for commercial purposes. It also
assesses prejudgment interest of $59,533.38 and a fine of $316,401.48, for a
total of around $375,000.
Watson is still permitted to buy and sell digital assets for
his own accounts, according to the notice.
Additionally, the court disregarded McAfee in a Notice of Death. Only McAfee was subject to the court's dismissal ruling; Watson was not.
McAfee said that the SEC's "allegations were overblown" in March 2021. Three months later, he was found dead in a Spanish prison, reportedly by suicide, though his family doubts this.
He fled for several months after being accused of tax evasion and promoting seven initial coin offerings (ICOs), which U.S. officials described to as "pump-and-dump" schemes and purportedly netted McAfee more than $23 million.
However, the software inventor was penniless when he passed away, according to the author of McAfee's biography, No Domain: The John McAfee tapes.
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