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June 25, 2021 | Mania Believers Ripe for Abuse

Danielle Park

Portfolio Manager and President of Venable Park Investment Counsel ( Ms Park is a financial analyst, attorney, finance author and regular guest on North American media. She is also the author of the best-selling myth-busting book "Juggling Dynamite: An insider's wisdom on money management, markets and wealth that lasts," and a popular daily financial blog:

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.

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June 25th, 2021

Posted In: Juggling Dynamite

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