According to the Securities and Exchange Commission (SEC), Jimmy Gale Watson, Jr., a friend of the late John McAfee, was found guilty by final <a href="https://www.sec.gov/litigation/litreleases/2022/lr25445.htm" target="_blank" rel="nofollow noopener">consent</a> for his alleged involvement in an initial coin offering (ICO) fraud.

The SEC filed a lawsuit in October 2020 after Spanish authorities detained McAfee, stating that the former leader of antivirus software had pushed investments in ICOs with Watson's assistance without revealing that they were being paid to do so. The agency claims that Watson aided McAfee by drafting the advertising agreements with the ICO issuers and supported McAfee in withdrawing the cryptocurrency money received.
<h2>McAfee, Watson Charged For 'Pump And Dump' Schemes</h2>
Additionally, the SEC charged McAfee and Watson with pump and dump schemes, accusing them of secretly building up a sizeable position in a cryptocurrency and then publicizing it on Twitter to sell it as its value increased.

Watson is permanently prohibited from purchasing, selling, or providing digital assets in a professional capacity. The final judgment against him imposes a punishment of $316,401.48 plus prejudgment interest of $59,533.38, for a total penalty of more than $375,000. The notification states that Watson can still purchase and sell digital assets "for his accounts."

The agency's <a href="https://www.cryptoknowmics.com/news/new-class-action-lawsuit-against-solana-for-selling-unregistered-security/" target="_blank" rel="noopener">lawsuit</a> against the late computer magnate was likewise rejected by the court in a 'Notice of Death' it filed about McAfee. The court ruled that the dismissal order did not cover Watson; only McAfee was. McAfee stated that the SEC's "allegations were overstated" in March 2021. He was discovered dead in a Spanish prison three months later, apparently by suicide, though his family disputes this theory. After being accused of tax evasion and promoting seven initial coin offerings (ICOs) that U.S. authorities called "pump-and-dump" schemes and allegedly earned McAfee over $23 million, McAfee had been on the run for months.

McAfee's Friend Jimmy Gale Watson Found Guilty by Final Consent: SEC

According to the SEC, late John McAfee's friend, Jimmy Gale Watson, Jr., was found guilty by final consent for his involvement in an ICO fraud.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

McAfee's Friend Jimmy Gale Watson Found Guilty by Final Consent: SEC

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