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SEC closes case against late John McAfee, business partner convicted

 


The US Securities and Exchange Commission has received the final verdict in its case against the late entrepreneur John McAfee and his business partner Jimmy Gale Watson, Jr. The process related to an illegal token sale (ICO) was started in October 2020.


According to the SEC's original complaint , the agency alleges that McAfee and Watson solicited investment in the ICO without disclosing to investors that they were paid to do so. Watson is said to have helped McAfee thread advertising deals for ICOs in order to post the payments in the form of the associated cryptocurrencies after the price rose. A procedure similar to the fraudulent pump-and-dump systems.


The Southern District Court of New York has now found Watson guilty and fined him $375,934.86. In addition, the entrepreneur is prohibited from participating in future token sales. After all, the verdict also states

"however, this judgment does not prevent defendant Watson from buying or selling securities for his personal accounts in the future."

The SEC's claims against McAfee have since been dropped because the SEC's death has left the SEC no longer able to hold the once prominent businessman.

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