SEC Fines John McAfee’s Associate $375K in Penalties for ICO Promotions
According to a Securities and Exchange Commission (SEC) judgment, Jimmy Gale Watson, a former associate of the now deceased John McAfee, has been fined for being paid to promote pump and dump-fashioned initial coin offer...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
According to a Securities and Exchange Commission (SEC) judgment, Jimmy Gale Watson, a former associate of the now deceased John McAfee, has been fined for being paid to promote pump and dump-fashioned initial coin offerings (ICOs). The SEC has ruled that Watson must pay roughly $375K in penalties and he’s not allowed to participate in any commercial-based or professionally-offered security and digital currency schemes.
McAfee’s Associate Jimmy Gale Watson Fined $375K and Banned From Professional Securities and Digital Asset Schemes- While John McAfee’s remains are still in a morgue in Spain, one of his associates, Jimmy Gale Watson, has been fined by the SEC and banned from professional investment service and brokerage programs.
- Watson was ostensibly an “executive adviser” of the “McAfee Team,” and he was charged with money laundering and securities fraud after his arrest in Texas. U.S. law enforcement accused Watson and McAfee of endorsing ICOs after being paid and profiting from “pump and dump” strategies.
- The former “McAfee Team” associate entered a plea of not guilty in March 2021 and the case has continued with the SEC’s final judgment filed on July 13, 2022. The SEC has ruled that Watson must pay a fine of around $375K in penalties and the former McAfee associate is barred from dealing with securities and crypto assets in a professional manner.
- Manhattan U.S. Attorney Audrey Strauss detailed when Watson was indicted that he allegedly leveraged McAfee’s Twitter account to promote the ICO projects. She noted that McAfee’s Twitter account held a “strong amount of evidence.”
- “The defendants allegedly used McAfee’s Twitter account to publish messages to hundreds of thousands of his Twitter followers touting various cryptocurrencies through false and misleading statements to conceal their true, self-interested motives,” Strauss declared on March 5.
- Meanwhile, John McAfee reportedly committed suicide in Spain just over a year ago, but his widow Janice McAfee doesn’t accept the Spanish officials’ story. “I’m not buying it,” McAfee’s widow explained in July 2021.
- Janice McAfee and other members of John’s family have petitioned the Spanish High Court to get a third party to do another autopsy on John’s body and the legal matters behind the pending request made it so his corpse is still located in the morgue.
- While Watson may have to face other fraud charges going forward, a Notice of Death was issued regarding McAfee and the SEC’s claims for relief against McAfee’s alleged crimes have been waived.
What do you think about John McAfee’s associate Jimmy Gale Watson being fined $375K by the SEC? Let us know your thoughts about this subject in the comments section below.
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
Solana Breakpoint London Adds Revolut Chair and Former UK Leaders
TL;DR: Solana has expanded the speaker lineup for its November Breakpoint event in London with political and financial-services fi...
DTCC Turns On Its Tokenized Securities Service for 20 Clients, Meeting Its October Target
The Depository Trust Company, the securities depository owned by DTCC, opened the DTCC Tokenization Service to clients on Wednesda...
Major Banks Sign on as DTCC Launches Tokenized Securities Service
The Depository Trust & Clearing Corporation has launched a blockchain tokenization service connecting Wall Street’s traditional se...
DTCC launches tokenization service covering approximately $30 trillion in eligible securities
DTCC's tokenization service could enhance market efficiency and asset mobility, but its centralized control limits decentralized f...
Mirae Asset Securities issues tokenized notes on Solana to investors
Mirae's move to tokenize notes on Solana highlights a growing trend of integrating blockchain in traditional finance, potentially...
OpenAI Proves ETH Is False, and Crypto Twitter Has Questions
A new OpenAI paper declares ETH false, a claim that hundreds of research papers lean on. Crypto Twitter degens and serious mathema...