SEC sues John McAfee over promoting cryptocurrency offerings on Twitter

John McAfee

Paula Bustamante | AFP | Getty Images

The U.S. Securities and Exchange Commission on Monday sued John McAfee, creator of the eponymous anti-virus software, alleging that he made over $23.1 million in undisclosed compensation from recommending seven cryptocurrency offerings on Twitter that were materially false and misleading.

The regulator, which is seeking a trial by jury, alleged that from at least November 2017 through February 2018, McAfee recommended cryptocurrencies that he was paid to promote, while falsely denying “he was being paid by the issuers.”

“McAfee leveraged his fame to make more than $23.1 million in undisclosed compensation” by recommending at least seven initial coin offerings or ICOs to his Twitter followers, the SEC said.

McAfee’s recommendations were “materially false and misleading,” in that he tried to sell “virtually worthless” cryptocurrency tokens by encouraging investors to buy the securities without disclosing his own holdings, the SEC alleged.

The

Read More
Read More

John McAfee sued by SEC for ICO promotions, arrested on U.S. tax evasion charges

The U.S. Securities and Exchange Commission filed suit against crypto investor and promoter John McAfee for his past promotion of initial coin offerings (ICOs) on social media.

Per the complaint:

“From at least November 2017 through February 2018, McAfee leveraged his fame to make more than $23.1 million U.S. Dollars (“USD”) in undisclosed compensation by recommending at least seven “initial coin offerings” or ICOs to his Twitter followers. The ICOs at issue involved the offer and sale of digital asset securities and McAfee’s recommendations were materially false and misleading for several reasons.”

Specifically, McAfee was accused of not disclosing “that he was being paid to promote the ICOs by the issuers,” that he “falsely claimed to be an investor and/or a technical advisor when he recommended several ICOs,” that he “encouraged investors to purchase the securities sold in certain of the ICOs without disclosing that he was simultaneously trying to

Read More
Read More

SEC Issues Agenda for Oct. 5 Meeting of the Fixed Income Market Structure Advisory Committee

[DATELINE]The Securities and Exchange Commission today released the agenda for the Oct. 5 meeting of the Fixed Income Market Structure Advisory Committee (FIMSAC). The meeting will focus on discussions regarding recent market volatility and the impact of COVID-19 on the corporate bond market, the bond fund and ETF market, the technology and e-trading market, and the municipal securities market. The committee will also consider a recommendation concerning the definition of electronic trading for regulatory purposes, and the meeting will include member observations of the fixed income markets and the Committee’s work. The Commission established the FIMSAC to provide advice and recommendations on fixed income market structure issues.

The meeting will be held by remote means and will be open to the public via webcast on the SEC’s website at www.sec.gov.

Members of the public who wish to provide their views on the matters to be considered by the FIMSAC may

Read More
Read More

U.S. SEC proposes new rules to alleviate electronic trading risk to fixed-income market

FILE PHOTO: A general exterior view of the U.S. Securities and Exchange Commission (SEC) headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst/

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Monday proposed new rules for electronic trading platforms for U.S. Treasuries, corporate debt and municipal securities, aimed at improving transparency and operational preparedness in the world’s biggest securities market.

The proposal, which would be subject to public consultation, aims to address concerns about the shift to alternative trading systems (ATS) that trade government securities as well as the repurchase and reverse repurchase agreements on those securities.

The SEC has signaled for years that it planned to hone oversight on the fixed income market even as it put stiffer regulations in place for U.S. equity markets, which have generally been more transparent, industry advocates have said.

Under the new rules, ATS trading platforms will

Read More
Read More

SEC to Have LSU, Conference Football Players Wear Contact Tracing Technology

On Tuesday, the SEC announced a new piece of technology that will be distributed to all football players to help with contact tracing. The technology, called SafeTags, was developed by a company called KINEXON.

SafeZone uses ultra-wideband technology to accurately calculate the proximity between individuals by distance and length of time in order to perform quick and accurate contact tracing when someone is symptomatic or tests positive for COVID-19. The contact data is logged in a secure system and can be accessed to contact trace in the event of an infection.

“Through this new relationship with KINEXON, the SEC is committed to using innovative technology to provide solutions for use by our member institutions as we all work to support a healthy environment for student-athletes,” said SEC Commissioner Greg Sankey. “KINEXON provides the SEC with a modern and effective solution to meet the unique contact tracing challenges associated with football.”

Read More
Read More

SEC to use devices to aid with contact tracing

The Latest on the effects of the coronavirus outbreak on sports around the world:



Oakland Athletics outfielders Mark Canha (20) and Ramon Laureano, second from right, wear masks as they greet teammates after they defeated the Seattle Mariners in the second baseball game of a doubleheader, Monday, Sept. 14, 2020, in Seattle. Both games were played in air smoky from wildfires in Oregon, Washington, and California. (AP Photo/Ted S. Warren)


© Provided by Associated Press
Oakland Athletics outfielders Mark Canha (20) and Ramon Laureano, second from right, wear masks as they greet teammates after they defeated the Seattle Mariners in the second baseball game of a doubleheader, Monday, Sept. 14, 2020, in Seattle. Both games were played in air smoky from wildfires in Oregon, Washington, and California. (AP Photo/Ted S. Warren)

___

The Southeastern Conference says it is providing its 14 schools wearable technology for football players intended to aid with COVID-19 contact tracing.

The SafeTags made by Kinexon can be worn like a wristband at team facilities or attached to equipment when used in games or practice. The conference says the devices already are being used by the NFL.

The SafeTags allow medical and athletic training staff to track how close those wearing the devices

Read More
Read More