John McAfee arrested for tax evasion
McAfee is alleged to have hidden cryptocurrency, real estate, and other properties in nominee named to evade taxes
John McAfee, the pioneer of antivirus software and cryptocurrency bull, has finally been arrested in Spain on charges of US tax evasion and failing to file his taxes, matters that he has openly shared to others on social media in the past.
In addition, McAfee is also facing a lawsuit from the SEC for his role in promoting ICOs without disclosing he was being paid to advertise the offerings, as well as claiming to be an investor and/or a technical advisor.
McAfee had documented his activities on social media extensively, which gave the authorities ample room to trace him down and arrest him on tax evasion charges. This was tied to the millions of dollars he earned from promoting cryptocurrencies, none of which he reported between the years 2014 to 2018.
The US Department of Justice explained that McAfee appeared to have evaded his responsibilities as a taxpayer by having his money paid to accounts in the names of nominees.
“John McAfee earned millions in income from promoting cryptocurrencies, consulting work, speaking engagements, and selling the rights to his life story for a documentary. From 2014 to 2018, McAfee allegedly failed to file tax returns, despite receiving considerable income from these sources,” the statement explained.
“McAfee allegedly evaded his tax liability by directing his income to be paid into bank accounts and cryptocurrency exchange accounts in the names of nominees. The indictment further alleges McAfee attempted to evade the IRS by concealing assets, including real property, a vehicle, and a yacht, in the names of others.” it added.
McAfee, with more than one million followers on Twitter, has proudly embraced his lifestyle as a fugitive for several years. However, he also appears to have dreams of pursuing a career in politics, and previously launched his own US presidential campaign. The crypto community views McAfee as a source of entertainment for his wild claims, luxurious lifestyle and absolute disregard for rules and regulations.
McAfee even started his own privacy coin, which was named Ghost. However, reports indicate his involvement with the project did not play out well.
As of writing, the crypto rebel is waiting for extradition in Spain. McAfee is facing what could be up to five years in prison for each count of tax evasion, and up to one year for each count of failing to file his taxes.