One-time millionaire John McAfee is accused of fraudulently pumping virtual money

Anti-virus creator John McAfee, has been charged with stock fraud charges through cryptocurrency pumping. Not only Mr. McAfee but also his accomplices and personal bodyguards, Jimmy Gale Watson is also accused of making nearly $ 2 million from advising Twitter followers to invest in cryptocurrencies like Reddcoin and Dogecoin, then sell their holdings at a premium price.

The couple’s fraudulent activity was carried out from December 2017 to October 2018. McAfee uses his authenticated Twitter account, which currently has about 1 million followers, to provide advice. like “Coin of the Day” or “Coin of the Week”.

Even though Mr McAfee claims he doesn’t own these alttcoins, the indictment alleged in fact, Mr. McAfee pre-purchased a large number of these altcoins with Bitcoin and sold them off as followers pushed prices up. high.

The duo is facing seven criminal charges, each of which can range from 5 years to 20 years in prison. The criminal charges include high-tech fraud, securities and commodity scams, and money laundering conspiracy.

Mr McAfee was detained last year on seven different tax misappropriation charges. In October of last year, the SEC sued McAfee for fraud promoting issuance of cryptocurrencies or ICOs. In 2019, the tech millionaire was also forced by a court to pay $ 25 million for allegedly ordering the murder of a neighbor in Belize in 2012. The latest case has just extended the crime list of the celebrity. technology in the world.

Refer to The Verge