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John McAfee charged with securities fraud for ‘pump and dump’ cryptocurrency scheme


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2021 Mar 5, 1:02pm   300 views  5 comments

by RWSGFY   ➕follow (4)   💰tip   ignore  

John McAfee has been charged with securities fraud over a “pump and dump” cryptocurrency scheme. Federal prosecutors unsealed a case against McAfee and his executive advisor and bodyguard Jimmy Gale Watson Jr., claiming the pair earned nearly $2 million by urging Twitter followers to invest in cryptocurrencies like Reddcoin and Dogecoin, then selling off their own holdings as the price rose.

“McAfee and Watson exploited a widely used social media platform and enthusiasm among investors in the emerging cryptocurrency market to make millions through lies and deception,” said US Attorney Audrey Strauss in a statement. “The defendants allegedly used McAfee’s Twitter account to publish messages to hundreds of thousands of his Twitter followers touting various cryptocurrencies through false and misleading statements to conceal their true, self-interested motives.”

The pair allegedly ran their scheme between December 2017 to October 2018. McAfee used his verified Twitter account, which currently has around 1 million followers, to recommend a “Coin of the Day” or “Coin of the Week.” The indictment says McAfee claimed to have no stake in these altcoins; in reality, McAfee would allegedly buy large quantities beforehand using bitcoin, then offload them again after his followers had driven up the price.


https://www.theverge.com/2021/3/5/22315494/john-mcafee-fraud-securities-scheme-charges-cryptocurrency

Comments 1 - 5 of 5        Search these comments

1   Tenpoundbass   2021 Mar 5, 1:42pm  

He's not in Congress, he isn't allowed to do that!
2   FortwayeAsFuckJoeBiden   2021 Mar 5, 1:45pm  

Reminds me of F36 on this forum.
3   🎂 RWSGFY   2021 Mar 5, 1:57pm  

Fortwaynemobile says
Reminds me of F36 on this forum.


Oh, no! I'm sure the 36's motives are as pure as virgin snow!
4   Blue   2021 Mar 5, 2:05pm  

FuckCCP89 says
Oh, no! I'm sure the 36's motives are as pure as virgin snow!

But not smart enough to know that he's on wrong site.
5   WookieMan   2021 Mar 5, 2:28pm  

But, but Elon Musk!

I'm indifferent about Musk. He's done amazing things for space exploration or at least making it easier to get satellites up there. I think he's one of those autistic genius types.

He's literally pumping and dumping crypto though. TSLA is a publicly traded company. He's shedding criminality by pumping the way he is for the most part. It's brilliant really. Morally it's awful and he's going to destroy many lives, but he's in the business of making USD so I guess go ahead and do it.

Fact is service fees for the likes of Visa, Discover, Amex, etc. are already baked into the cost of transacting. Crypto does nothing for that like claimed. Prices stay the same but there's no middle man. WTF does that matter? You're paying miners.

There's already a system in place that works totally fine. I've sent money all over the globe to friends and family in minutes. So that argument is DOA. Pay $29 and you can wire money anywhere same day if it's $10k+. If you needed it instantly plan better, lol. Crypto, besides blockchain as an application and money management, is worthless. It's easily copied. McAfee makes that blatantly obvious. You'll never get a solid answer/response from the pumpers though.

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