The US Securities and Exchange Commission (SEC) has issued the final verdict for its proceedings against the now deceased entrepreneur John McAfee and his business partner Jimmy Gale Watson, Jr. get. The trial in connection with an unlawful token sale (ICO) was started in October 2020.
As stated in the SEC’s original statement of claim, the authority accuses McAfee and Watson of promoting investments in the ICO without disclosing to investors that they were paid for this. Watson is said to have helped McAfee to thread advertising deals for ICOs in order to post the payments in the form of the associated cryptocurrencies after the price increase. A procedure similar to the fraudulent pump-and-dump systems.
The Southern District Court of New York has now found Watson guilty and imposed a fine of $ 375,934.86 on him. In addition, the entrepreneur is prohibited from participating in future token sales. After all, the verdict says at the same time:
“However, this judgment does not prevent Defendant Watson from buying or selling securities for his private accounts in the future.“
Meanwhile, the SEC’s claims against McAfee have been dropped, as the Securities and Exchange Commission no longer has any leverage against the once prominent businessman due to his death.
