Home Updates Tech millionaire John McAfee faces new $13m scam rap | News

Tech millionaire John McAfee faces new $13m scam rap | News

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 John McAfee, invented the very first commercial computer security software called Mcafee. He is currently fighting an extradition to America on a $13m dollar money laundering and fraud charges in the US.

A US federal court alleged that John Macfee used his million of followers on social media to illegally ‘pump and dump’ crypto-currencies while getting paid to promote the coins to his fans.

The currencies were then sold, making him and his partner $2m, while they allegedly made a further $11m in payments from crypto-currency start-ups for promoting the coins on Twitter, payments which were not disclosed to investors who bought them.

The latest charges filed in the Manhattan federal court in New York allege the pair bought the crypto-currency assets before promoting them on Twitter.

According to the US Justice Department and the Commodity Futures Trading Commission, they would then sell the assets as soon as McAfee’s endorsements saw prices rise.

That amounted to having “exploited a widely used social media platform and enthusiasm among investors in the emerging crypto-currency market to make millions through lies and deception,” said federal prosecutor Audrey Strauss.

Both also face civil charges filed by the US Securities and Exchange Commission, which in October accused McAfee of concealing more than $23.1m (£16.7m at current prices) he made from boosting seven cryptocurrency offerings on Twitter.

 McAfee has pushed coins like Verge, Reddcoin and Dogecoin as part of a “Coin of the Day” or “Coin of the Week” tweet from around late 2017 through early 2018.

McAfee, has hit back at the new charges on his Twitter account, saying: “Much of the new allegations from the Feds are about my “coin of the day”. For a few days in 2017 I chose coins I believed had value, One of them was Doge – now being pushed years later by Elon Musk. The coin has increased well over 1,000% since I chose it. Not a pump and dump.”

read more of his tweets 

 

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