The US Securities and Exchange Commission (SEC) has obtained the final verdict for an ICO promotion scheme against the late entrepreneur John McAfee and his partner Jamie Jill Watson Jr. Submitted on October 5, 2020.
In the original complaint, according to Cowen Telegraph, the regulator alleged that McAfee and Watson promoted ICO investments on Twitter without disclosing whether they were paid for.
Watson allegedly helped McAfee negotiate promotional deals with ICO issuers and cryptocurrency payments, among other pumping and dumping fees.
The US District Court for the Southern District of New York found Watson guilty of violating the law and imposed a cumulative fine of $37,5934.86. In addition, Watson has been prohibited from participating in the issuance, purchase, offer or sale related to the ICO.
The litigation states: However, this injunction does not prevent Watson from buying or selling securities of his personal accounts.
To close the impending case, the SEC's claims against McAfee were dismissed after the commission served a notice of the notorious businessman's death, she said.
