John McAfee allegedly arrested in Spain over tax evasion as well as SEC lawsuit slapped against him for his ICO dealings

Quick take

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• Earlier this week, the securities and exchange commission filed a lawsuit against John McAfee over claims that he was promoting an initial coin offering without disclosing that the issuers of this ICO were paying him. 

• For those that don’t know, this is a violation of the security still in the United States.

Earlier this week on the 5th October, the United States securities and exchange commission filed a lawsuit against John McAfee over claims that he was promoting an initial coin offering without disclosing that the issuers of this ICO were paying him. For those that don’t know, this is a violation of the security still in the United States.

According to the complaint, from at least November 2017 to February 2018, John leveraged his name and fame to make more than $23 million in an undisclosed compensation by recommending at least seven ICOs to his followers on Twitter.

The SEC further went on to highlight the unidentified issuers of the ICO’s who would privately be in touch with John and his team to get him to publicly promote their project and exchange for payment in their coins as well as the leading cryptocurrency, bitcoin. In case you haven’t figured it out by now, this is illegal but John isn’t the first to do it. 

DJ Khaled and Floyd Mayweather have also promoted ICO’s without disclosing their interests.

To update the story even more, John has allegedly been arrested in Spain for tax evasion and is currently awaiting to be extradited to the United States.

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