The Court Closed the Cases Against the Deceased John McAfee and Fined His Accomplice
The U.S. District Court for the Southern District of New York ruled to dismiss the SEC’s claims against entrepreneur John McAfee after the Commission filed a notice of his death and ordered his accomplice Jimmy Gale Watson, Jr. to pay a fine of $375,934.86.
On October 5, 2020, the US Securities and Exchange Commission (SEC) stated that McAfee and Watson promoted ICO (Initial Coin Offering) investments on Twitter without revealing that they were paid for it.
The SEC alleged that Watson allegedly assisted McAfee in securing promotional deals with ICO issuers and cashing out cryptocurrency payments, among other pump and dump fees.
According to Cointelegraph, the U.S. District Court for the Southern District of New York convicted Watson of violating the law and imposed an aggregate fine of $375,934.86. In addition, Watson is henceforth prohibited from participating in the issuance, purchase, offer or sale associated with the ICO, but this will not prevent him from buying or selling securities for himself.
The court also closed cases involving SEC claims against McAfee after the Commission filed a notice of his death.