CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$61,598.00
  • ethereum
    ETH$2,432.75
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » SEC Sues John McAfee for Fraudulently Promoting ICOs

    SEC Sues John McAfee for Fraudulently Promoting ICOs

    Author: George Georgiev

    Last Updated Oct 6, 2020 @ 06:19

    The US Securities and Exchange Commission alleges that John McAfee has been illegally promoting initial coin offerings, among other things.

    • The US Securities and Exchange Commission (SEC) has filed fraud charges against the popular cryptocurrency proponent and well-known tech entrepreneur, John McAfee.

     

    • According to the documents, McAfee has taken advantage of his massive Twitter following and has “leveraged his fame to make more than $23.1million in undisclosed compensation by recommending at least seven initial coin offerings (ICOs).”

     

    • The charges outline that the entrepreneur has failed to disclose that he was being paid to promote said ICOs by their issuers.

     

    • This, according to the SEC, constitutes an “unlawful touting and violates the federal securities laws.”

     

    • The charges further allegate that McAfee has fraudulently claimed that he is an investor or a technical advisor for the ICOs in question, thus “creating the impression that he had vetted these companies … and that he was willing to invest his own money in the ventures.” However, the truth, according to the securities watchdog, was that he had received a payment for the tweets, which were disguised as impartial investment advice.

     

    ADVERTISEMENT
    • Another allegation is that McAfee had been exposed by a “blogger,” and this resulted in him holding virtually worthless cryptocurrency. He then used his Twitter profile to increase their value without disclosing an intent to sell.

     

    • What’s described as “scalping” by the SEC is a process that “allows promoters to sell their securities holdings quickly and profitable through market interest that they deceptively generate, and violates the federal securities laws.”

     

    • For his activities, McAfee has allegedly received $11.6 million in BTC and ETH and an additional $11.5 million worth of promoted tokens.

    UPDATE: John McAfee has been arrested in Spain and is pending extradition to the US. He was indicted on charges of tax evasion.

    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • john_mcafee_cover
      Janice McAfee Calls For Support After John's Arrest in Spain
    • McAfee
      Ghost Token Crashes 50% as John McAfee Parts Ways with Project Team
    • john_mcafee_cover
      John McAfee is Doing Great in Prison: It's Like The Hilton
    Tags: John McAfee SEC United States
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

    button
  • bitcoin
    BTC$61,598.00
  • ethereum
    ETH$2,432.75
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    bigomex
    Bitcoin Editorials
    4 Reasons Altcoin Season 2021 Has Officially Started

    4 Reasons Altcoin Season 2021 Has Officially Started

    After Tesla: Is Apple Eyeing Bitcoin? What We Could Expect to See Next (Opinion)

    After Tesla: Is Apple Eyeing Bitcoin? What We Could Expect to See Next (Opinion)

    What Is NFT? Non-Fungible Tokens Guide For Dummies

    What Is NFT? Non-Fungible Tokens Guide For Dummies

    What is BitClout? The Latest Crypto Hype – Is It Safe?

    What is BitClout? The Latest Crypto Hype – Is It Safe?

    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!