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US-CFTC takes on former McAfee Executive Advisor



 The US Commodity Futures Trading Commission (CFTC) is cracking down on cryptocurrency pump 'n dump schemes for the first time.


The CFTC cracked down on a pump 'n dump crypto scheme for the first time on Monday.


A New York judge ordered Jimmy Gale Waton, Jr., an associate of the late John McAfee, to pay $14,736 in ill-gotten gains he allegedly received from such a program.


Watson was an Executive Advisor to McAfee, a crypto entrepreneur.


Watson is also permanently banned from trading in derivatives and from registering with the CFTC, which is a requirement for certain types of institutional investments.


The CFTC said in a statement:


"Ensuring adequate client protection and enforcement against fraudulent schemes like this are core principles deeply embedded in the agency's legal and regulatory framework, history and ethos."


"Such fraudulent and manipulative schemes are particularly egregious when they target the most vulnerable market participants, here hard-working retail investors."


The CTFC first filed charges against McAfee and Watson in March 2021. She claimed that the two secretly amassed positions in digital assets and deceptively promoted the tokens on social media as valuable long-term investments. In doing so, they had amassed a substantial profit.


The scam resulted in over $2 million in profits, the CFTC claimed. It affected tokens such as Verge (XVG), Dogecoin (DOGE) and Reddcoin (RDD).


Last Thursday, the SEC separately won a ruling against Watson for his role in McAfee's alleged Initial Coin Offering (ICO). He was fined $375,000 for his alleged participation.


In 2020, the SEC claimed that Watson and McAfee encouraged investment in the ICO, but did not disclose that they were compensated.


Watson is also permanently prohibited from engaging, directly or indirectly, in the issue, purchase, offering or sale of any digital asset that qualifies as a security.

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