Computer programmer and businessman John McAfee have been charged with tax evasion in Spain. Reports suggest that John had not been paying taxes between 2014 and 2018. If proven guilty, the software founder will have to face prison for a maximum of 1-5 years.
McAfee had been avoiding tax returns for a long time. Instead of depositing his earnings in his original bank accounts, he has been collecting them in other bank accounts and crypto accounts. He also had properties that had not been accounted for in the official records. This includes a Yacht, a vehicle, real estate properties, which is in official records owned by another party. Surprisingly, several assets of McAfee are not in his own name.
It is still not clear whether McAfee has arranged a lawyer for him. He will be handed over to the U.S officials soon.
SEC also sues McAfee
The Securities and Exchange Commission ( SEC) also imposed a lawsuit against McAfee for his deal with Twitter in 2018. He hid the fact that twitter had paid him $23 million in Bitcoin to promote Initial Coin Offerings (ICOs). McAfee, however, denied this listing.
The complaint put forth by SEC read as follows. “ McAfee promoted multiple ICOs on Twitter, allegedly pretending to be impartial and independent in digital assets for the promotions. When certain investors asked whether he was paid to promote the ICOs, McAfee allegedly denied receiving any compensation from the issuers. The complaint alleges that McAfee made other false and misleading statements, such as claiming that he had personally invested in some of the ICOs and that he was advising certain issuers. “
“The complaint alleges that Watson assisted McAfee by negotiating the promotion deals with the ICO issuers, helping McAfee cash out the digital asset payments for the promotions, and, for one of the ICOs McAfee was promoting, having this then-spouse tweet interest in the ICO. Watson was allegedly paid at least $316,000 for his role. According to the complaint, while McAfee and Watson profited, investors were left holding digital assets that are now essentially worthless.”
This is not the first accusation against McAfee
This is not the first time, McAfee has been facing legal issues. The software entrepreneur has been arrested over 22 times in the past 10 years. Last July, McAfee along with five others was arrested for illegally carrying weapons, hand arms, ammunition based on suspension. They were, however, released from detention. He was also charged with a murder case in the Caribbean.
John McAfee is the founder of the renowned antivirus software McAfee. The software became a huge commercial success and was extended to different markets. He left the company in 1994. Currently, the majority of the shares of the company is owned by TPG Capital.