June 25, 2021 | Mania Believers Ripe for Abuse

John McAfee sold his namesake antivirus software company in the 1990s for more than $100 million, followed by a series of bad financial decisions.  Most recently, he was prosecuted for tax evasion and cryptocurrency pump and dump schemes.  The story offers a glimpse at the predatory actions threatening believers today.  See John McAfee found dead in Spanish Jail:

Mr. McAfee earned millions promoting cryptocurrencies, charging speaking fees and providing consulting services, but failed to pay taxes on this income, federal prosecutors say. Authorities accused him of failing to file tax returns between 2014 and 2018 and avoiding taxes by naming other people as the owners of his assets in cryptocurrency accounts, real estate and even a yacht.

In March, federal prosecutors in New York charged Mr. McAfee with fraud saying he deceptively promoted cryptocurrencies via his Twitter account. Mr. McAfee and his associates made more than $2 million via a “pump-and-dump” scheme, where they promoted a dozen little-known cryptocurrencies on Twitter, then dumped the assets once their value had increased, prosecutors said.

Danielle Park June 25th, 2021

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