Search ForexCrunch
  • John McAfee was arrested in Spain facing up to 30 years in jail if he can be extradited.  
  • On March 5, the Department of Justice released an announcement about the indictment of John McAfee.
  • The Anti-virus company founder is accused of Money Laundering Conspiracy crimes and fraud.  

On Friday, March 5, 2021, John David McAfee was officially accused by the Manhattan Federal Court of fraud and money laundering conspiracy crimes. According to the release, McAfee and his team exploited social media to create enthusiasm among investors while lying.  

McAfee is accused of deception and lies as the defendants allege that his Twitter account was used to create false or misleading statements to conceal McAfee’s team’s real motives.  FBI Assistant Director William F. Sweeney Jr. said:

As alleged, McAfee and Watson used social media to perpetrate an age-old pump-and-dump scheme that earned them nearly two million dollars. Additionally, they allegedly used the same social media platform to promote the sale of digital tokens on behalf of ICO issuers without disclosing to investors the compensation they were receiving to tout these securities on behalf of the ICO. When engaging in illegal activity, simply finding new ways to carry out old tricks won’t produce different results. Investment fraud and money laundering schemes carry a strict penalty under federal law.

According to the report, McAfee used ‘pump and dump’ schemes where his team would buy large quantities of a cryptocurrency and then publicly endorse it to push the price.