Watson must pay roughly $375K in penalties and he’s banned from all types of professionally-offered security and crypto asset schemes.
According to a Securities and Exchange Commission judgment, Jimmy Gale Watson, a former associate of the now deceased John McAfee, has been fined for being paid to promote pump and dump-fashioned initial coin offerings . The SEC has ruled that Watson must pay roughly $375K in penalties and he’s not allowed to participate in any commercial-based or professionally-offered security and digital currency schemes.
Watson was ostensibly an “executive adviser” of the “McAfee Team,” and he was charged with money laundering and securities fraud after his arrest in Texas. U.S. law enforcement accused Watson and McAfee of endorsing ICOs after being paid and profiting from “pump and dump” strategies. The former “McAfee Team” associate entered a plea of not guilty in March 2021 and the case has continued with thefiled on July 13, 2022. The SEC has ruled that Watson must pay a fine of around $375K in penalties and the former McAfee associate is barred from dealing with securities and crypto assets in a professional manner.
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