SEC issues permanent crypto trading ban on associates of John McAfee

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2022-07-17 18:28:40

The United States Securities and Exchange Commission (SEC) has published its final judgment against Jimmy Gale Watson, Jr., an associate of John McAfee, for his role in an ICO scam.

SEC issues permanent crypto trading ban on associates of John McAfee

In October 2020, after the Spanish authorities arrested John McAfee – the founder of anti-virus software company McAfee, the SEC filed a complaint alleging that John McAfee promoted investment in ICOs with Watson’s help.

According to the SEC, Watson assisted McAfee by negotiating promotional deals with ICO issuers and helping McAfee cash out crypto payments received. The SEC also alleges McAfee and Watson engaged in various pumping and dumping schemes, secretly amassing a large position in a particular token and then promoting them on Twitter, then discharging when the price rose.

The SEC’s final ruling was ultimately against Watson, permanently barring him from buying, selling or offering crypto assets in professional capacity and issued a fine of $316,401.48; plus a fee of 59,533.38 USD. Therefore, the total amount of fines against Watson is hovering over $375,000.

In addition, the Court also filed a death notice related to McAfee, dismissing the SEC’s lawsuit against the late tech mogul. According to the court, the SEC’s charge applies only to McAfee, not Watson.

In March 2021, McAfee stated that the SEC’s charges against him were overblown. Three months later, the community found McAfee dead in a Spanish prison on suspicion of suicide – a conclusion his family has completely denied.

McAfee has been on the run for months after being accused of tax evasion and promoting seven initial coin offerings (ICOs) that US authorities described as a planned pump-in-puff scheme that allegedly raised more than $23 million.

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