SEC Sues John McAfee for Fraudulently Promoting ICOs

  • 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.
You Might Also Like:
  • 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.
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).

.custom-author-info{border-top:none;margin:0;margin-bottom:25px;background:#f1f1f1}.custom-author-info .author-title{margin-top:0;color:#3b3b3b;background:#fed319;padding:5px 15px;font-size:20px}.author-info .author-avatar{margin:0 25px 0 15px}.custom-author-info .author-avatar img{border-radius:50%;border:2px solid #d0c9c9;padding:3px}

The post appeared first on CryptoPotato

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 97,597.15 3.54%
Ethereum (ETH) $ 3,338.58 8.30%
Tether (USDT) $ 1.00 0.22%
Solana (SOL) $ 257.02 9.58%
BNB (BNB) $ 619.54 1.69%
XRP (XRP) $ 1.12 2.13%
Dogecoin (DOGE) $ 0.385776 1.96%
USDC (USDC) $ 0.999781 0.19%
Lido Staked Ether (STETH) $ 3,337.64 8.31%
Cardano (ADA) $ 0.794693 3.37%