John McAfee wearing a suit and tie

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Tech tycoon John McAfee’s time on the run appears to have come to an end.

In a criminal indictment from June that was unsealed Monday after he was arrested at an unspecified location in Spain, the U.S. Securities and Exchange Committee accused McAfee of making more than $23 million from the promotion of at least seven cryptocurrency initial coin offerings on his Twitter account without publicly disclosing his ownership in each.

Officials at the SEC want a trial by jury to examine recommendations McAfee made on the social media app about a number of cryptocurrency projects between November 2017 and February 2018. In the indictment, the SEC argued that McAfee was “being paid by the issuers” of different cryptocurrency offerings but failed to announce his partnerships behind the scenes.

“John McAfee earned millions in income from promoting cryptocurrencies, consulting work, speaking engagements, and selling the rights to his life story for a documentary,” read a statement from the Department of Justice. “From 2014 to 2018, McAfee allegedly failed to file tax returns, despite receiving considerable income from these sources.”

The SEC alleges McAfee was “misleading” in his recommendation of cryptocurrency investments, which were “virtually worthless,” and they are hoping to punish him with a civil penalty and a ban against serving as an officer or director of any company reporting to the agency.

McAfee is awaiting extradition on charges he participated in conspiracy to evade taxes, which he reportedly failed to pay between 2014 and 2018. McAfee’s bodyguard, Jimmy Watson Jr., was also charged in the alleged scheme.

“While McAfee and Watson profited, investors were left holding digital assets that are now essentially worthless,” read part of the indictment.

The Washington Examiner reached out to the Department of Justice for clarification as to where and when McAfee was arrested.

Tags: News, SEC, Tax, Cryptocurrency

Original Author: Spencer Neale

Original Location: John McAfee arrested in Spain and awaiting extradition to US for tax evasion