John McAfee faces crypto-related tax evasion charges

Software businessman John McAfee is charged with tax evasion due to failure in disclosing the millions worth of revenue that he gained through cryptocurrency promotion, consultation and hosting forums. According to US prosecutors, McAfee concealed the total amount of his assets from the Internal Revenue Service or IRS. He also named his other properties such as real estate properties, vehicles, and yachts under different names.

The allegations towards McAfee were unsealed in the Memphis, Tennessee federal court on Monday, October 5, 2020. He was arrested in Spain where his deportation proceedings are currently ongoing.

The total amount of these assets are not disclosed by the authorities yet. His earnings from 2014 to 2018 are currently being reviewed by the authorities.

According to the US court, if the allegations against McAfee are proven true, he will face a five-year prison sentence for each of the tax evasion charges he committed. In addition, he will also face a supervised release, restitution, and a penalty amounting to $350,000.

Aside from the current allegations he’s facing, he also has a pending lawsuit from the Securities and Exchange Commission regarding his millions worth of revenue from his ICOs or Initial Coin Offerings in cryptocurrencies.

According to the complaint filed by the SEC, the Silicon Valley giant wasn’t honest about the earnings he received for these ICO recommendations.

‘In reality, McAfee’s tweets were paid promotions disguised as impartial investment advice’, the SEC added.

John McAfee is a programmer and business founder who established McAfee Associates. He also founded various companies such as Tribal Voice, QuorumEX, and FutureTense Central.