This Monday, the Spain Department of Justice prosecutors indicted John McAfee, for tax evasion and willful failure to disclose tax returns. McAfee has reportedly been arrested in Spain and may face over five years in prison once found guilty.
On top of that, the US Securities and Exchange Commission (SEC) filed a lawsuit against him as well. The SEC accuses McAfee of promoting several initial coin offerings (ICOs) without disclosing the figures he received from the issuers, which is a clear violation of the current US securities law.
According to the US SEC’s official complaint, From November 2017 up until February 2018, McAfee promoted ICOs that netted him over $23.1 million. The SEC revealed that seven unknown ICO issuers privately made a deal with McAfee’s team to get the famous figure to endorse their respective ICOs in his various social media platforms. In exchange for the noteworthy promotion, McAfee and his team will receive a portion of the coin profits and substantial amounts of Bitcoins (BTCs).
As we may remember, today’s high-value names such as Floyd Mayweather and DJ Khaled have also faced the wrath of the US SEC regarding the same instances. To reiterate, it is illegal to promote ICOs without disclosing the netted financial interests.
The SEC is now pursuing McAfee for civil penalties and has appealed to exempt him from ever running as a public officer again. Notably, his extradition back to the United States is still being discussed as of press time.