John McAfee is facing up to 30 years in jail over tax evasion claims. The antivirus software entrepreneur was arrested in Spain and now faces the prospects of being extradited to the U.S to face charges of failing to file tax returns despite earning millions between 2014 and 2018. The arrest comes barely a year after the entrepreneur was detained in the Dominican Republic for shipping weapons into the country.
McAfee Tax Evasion Allegations
The tax evasion charges emanate from the amount of money that the entrepreneur made while doing consulting work, investing in cryptocurrencies, and speaking engagements. The charges do not include income connected to the software firm that bears his name.
The U.S Justice Department alleges McAfee evaded paying any tax by having his income wired directly to bank accounts and into cryptocurrency exchange accounts in names of nominees. He also faces charges of concealing assets that include a yacht and real estate properties bearing other people’s names.
McAfee faces a huge tax bill. The U.S Securities and Exchange Commission alleges that Mr. McAfee made over $23 million on leveraging his fame to recommend cryptocurrency offerings. Most of the offerings turned out to be worthless, with investors losing a significant amount of money.
The software entrepreneur bodyguard Jimmy Watson also faces similar charges for abetting the tax evasion scheme. Watson is accused of aiding and abetting the sale of fictitious digital currencies along with other allegations.
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McAfee Track record
McAfee made a name for himself in the 1980s on founding a company that released the first-ever antivirus software. He later sold the business to Intel. Despite the sale, he still develops cybersecurity products.
In the recent past, he has become a proponent of the cryptocurrency revolution. He is on record recommending a number of crypto projects, some of which have plunged him into trouble with regulators.
The entrepreneur has also tried to launch a political career, having made unsuccessful bids to become president through the Liberty party.
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