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

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


Photo credit should read ADALBERTO ROQUE/AFP via Getty Images

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…

Continue reading…

Source:

This post was originally created on this site & curated for Mamizi members