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John McAfee Indicted for Cryptocurrency Fraud; Feds Charge ‘Age-Old Pump-And-Dump Scheme’
By Rudy TakalaMar 5th, 2021, 6:00 pm
Fred Dufour/Getty Images
The Justice Department on Friday charged antivirus software company founder John McAfee with seven counts of fraud related to promoting cryptocurrencies on social media.
In a statement, FBI Assistant Director
William Sweeneysaid the 75-year-old McAfee and an associate, 40-year-old
Jimmy Watson, used social media “to perpetrate an age-old pump-and-dump scheme that earned them nearly $2 million dollars.” He also said they “allegedly used the same social media platform to promote the sale of digital tokens” from initial coin offerings (ICOs) for different cryptocurrencies without disclosing they had been paid $11 million to engage in those promotions. Filings in the case allege they took those payments in the form of bitcoin, Ethereum and other cryptocurrencies. ....

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