According to the Securities and Exchange Commission (SEC), Jimmy Gale Watson, Jr., a friend of the late John McAfee, was found guilty by final consent for his alleged involvement in an initial coin offering (ICO) fraud. The SEC filed a lawsuit in October 2020 after Spanish authorities detained McAfee, stating that the former leader of antivirus software had pushed investments in ICOs with Watson’s assistance without revealing that they were being paid to do so. The agency claims that Watson aided McAfee by drafting the advertising agreements with the ICO issuers and supported McAfee in withdrawing the cryptocurrency money received. McAfee, Watson Charged For ‘Pump And Dump’ Schemes Additionally, the SEC charged McAfee and Watson with pump and dump schemes, accusing them of secretly building up a sizeable position in a cryptocurrency and then publicizing it on Twitter to sell it as its value increased. Watson is permanently prohibited from purchasing, selling, or providing digital assets in a professional capacity. The final judgment against him imposes a punishment of $316,401.48 plus prejudgment interest of $59,533.38, for a total penalty of more than $375,000. The notification states that Watson can still purchase and sell digital assets “for his accounts.” The agency’s lawsuit against the late computer magnate was likewise rejected by the court in a ‘Notice of Death’ it filed about McAfee. The court ruled that the dismissal...
