John McAfee accused of tax evasion and fraudulently promoting ICOs

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John McAfee
Source; John McAfee Twitter account

John McAfee, a businessman, computer programmer, and the founder of the software company McAfee Associates, is facing two separate lawsuits filed by the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC).

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On Monday afternoon, the DOJ announced the unsealing of an indictment charging McAfee with “tax evasion and willful failure to file tax returns.”

According to DOJ Principal Deputy Assistant Attorney General Richard E. Zuckerman said McAfee has been arrested in Spain. The U.S. government is seeking his extradition from the Spanish government.

DOJ’s allegations against McAfee

In the indictment, McAfee allegedly made millions of dollars from consulting work, speaking engagements, selling the rights to his life for a documentary, and promoting cryptocurrencies. He allegedly failed to file tax returns despite making a significant income from 2014 to 2018.

The tech titan allegedly committed tax evasion by directing his income be paid into bank accounts and cryptocurrency exchange accounts in the names of nominees. He also allegedly tried to hide his assets including real property, a vehicle, and a yacht in the names of other people as part of his effort to evade the Internal Revenue Service (IRS).