- John McAfee’s bodyguard has lost his case against the SEC over ICO promotion
- Jimmy Watson, Jr worked with McAfee to promote ICOs without disclosing the fact they were paid promotions
- McAfee was indicted with Jimmy Watson, Jr but committed suicide last year
The strange tale of John McAfee continues more than a year after his death, with the Securities and Exchange Commission (SEC) winning a case against McAfee’s bodyguard over promoting ICOs. Jimmy Watson, Jr was indicted along with McAfee, who died by suicide in a Spanish prison last year, for taking money for promoting several ICOs without disclosing the payments to potential investors. Watson, Jr was found guilty of violating securities laws and fined almost $376,000 and has been barred from participating in ICO-related issuance, purchase, offer or sale.
McAfee and Watson, Jr Didn’t Reveal Payments
The case against McAfee and Watson, Jr was opened in October 2020, with the SEC accusing Watson of negotiating deals with ICO promoters for cash or cryptocurrencies and then roping in McAfee to promote them.
The cases date back to 2017 and the height of the ICO boom where McAfee would routinely promote various ICOs and coins through his Twitter feed, including his famous ‘coin of the week’ which was nothing more than a paid promotion slot with posts crafted by the projects in question.
Not only did Watson, Jr and McAfee take payments to promote ICOs, they would also help pump and dump the coins, taking a share as payment and selling at the top of the exchange listing spike.
Watson, Jr Gets $376,000 Fine
Watson was found guilty of violating securities laws by the U.S. District Court for the Southern District of New York, fining hima total of $375,934.86 and banning him from having anything to do with ICOs, except buying into them…if he can even find one in 2022.
McAfee of course was not able to face the charges after his suicide last June on the day he found out he would be extradited to the U.S. to face charges of tax evasion and other financial crimes.