Bullet point: SEC has finally placed a lifetime ban and fines on John McAfee’s ICO partner.
The Securities and Exchange Commission has finally placed a judgement against Jimmy Gale Waston, partner of John McAfee.
This is because of his alleged share in an ICO scam.
Recall that, in October 2020, Spanish authorities apprehended McAfee.
McAfee developed the antivirus industry with the aid of Watson, who didn’t disclose any pay from McAfee.
According to SEC’s fillings, Waston aided McAfee in ICO promo negotiations with ICO issuers.
He was also alleged of receiving crypto payments for McAfee.
SEC filings still show charges filed against them for participating in rug pull crypto scams. This revealed that both of them anonymously created huge stakes in Bitcoin, and used Twitter as a marketing source with the plan of selling at an increased value.
Sequel to the above, Watson was finally and entirely banned from conducting any transactions with cryptocurrencies. This includes buying, selling and involving himself with any other digital asset.
Also, a fine was inflicted on him;
- A fine of $316,401.48
- Pre-Judgment Interest of $59,533.38
The above totals the fine charges to about $375,000.
Watson however, can still acquire and sell digital assets for his accounts.
Talking about McAfee, the court rejected him, but Watson was not granted dismissal or rejection.
McAfee who had a history with SEC, when he was discovered dead in a Spanish prison, claimed that SEC’s allegations were exaggerated.
Meanwhile, the crypto market is looking bullish as Bitcoin is currently $20,600 at the time of this article.