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John McAfee’s Associate Fined by SEC for ICO Promotions

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  • An ‘executive consultant’ of the “McAfee Team”—was charged with money laundering and securities fraud.
  • John McAfee is said to have committed himself in Spain a little over a year ago, his widow Janice McAfee disagrees with the Spanish government’s account.
  • Watson has been prohibited from taking part in any commercially-based or professionally-offered security and virtual currency schemes by the SEC, and he must pay fines totaling around $375,000.

The Jimmy Gale Watson Scandal

Jimmy Gale Watson, a former colleague of the now-deceased John McAfee, was punished for being compensated to promote initial coin offerings that resembled pump-and-dump schemes, according to a Securities and Exchange Commission (SEC) ruling (ICOs). Watson has been prohibited from taking part in any commercially-based or professionally-offered security and virtual currency schemes by the SEC, and he must pay fines totaling around $375,000.

While Jimmy Gale Watson, one of John McAfee’s accomplices, was penalized by the SEC and disqualified from professional financial service and brokerage programs, John McAfee’s remains remained in a mortuary in Spain.

After his detention in Texas, Watson—reportedly an executive consultant of the ‘McAfee Team’—was charged with money laundering and securities fraud. By U.S. law enforcement, Watson and McAfee were charged for supporting ICOs after receiving payment and making money through ‘pump and dump’ schemes.

ALSO READ – SEC will explore exempting cryptocurrency businesses from some regulations: Gensler

The Final Judgment

The lawsuit has proceeded since the former McAfee Team associate entered a not-guilty plea in March 2021, and the SEC’s final judgment was issued on July 13, 2022. According to the SEC’s decision, Watson must pay a punishment of almost $375K in penalties and is no longer permitted to handle securities and cryptocurrency in a professional capacity.

When Watson was charged, Manhattan U.S. Attorney Audrey Strauss explained how he allegedly used McAfee’s Twitter account to promote the ICO ventures. She stated that there was ‘a substantial quantity of proof’ on McAfee’s Twitter account.

In a statement on March 5, Strauss said that the defendants allegedly utilized McAfee’s Twitter account to broadcast comments to hundreds of thousands of his followers praising various cryptocurrencies while making fraudulent and deceptive claims to hide their real, self-interested intentions.

While John McAfee is said to have killed himself in Spain a little over a year ago, his widow Janice McAfee disagrees with the Spanish government’s account. In July 2021, McAfee’s wife stated, I’m not buying it.

John’s body is still in the morgue due to the ongoing legal issues surrounding Janice McAfee and other family members’ appeal to the Spanish High Court for a different autopsy.

Watson could be charged with more fraud in the future, but McAfee received a Notice of Death, and the SEC’s rights for remedy related to McAfee’s alleged offenses have been waived.

Steve Anderrson

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