Anti-virus software entrepreneur and cryptocurrency promoter John McAfee was arrested in Spain after he was charged in the US with tax evasion and willful failure to file tax returns.
An indictment with the charges was unsealed on Monday following McAfee's arrest in Spain where he is pending extradition, the US Department of Justice said on Monday.
According to the indictment, 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 indictment, however, did not make the allegation that during these years McAfee received any income or had any connection with the "anti-virus company bearing his name".
According to the indictment, 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 Internal Revenue Service (IRS) by concealing assets, including real property, a vehicle, and a yacht, in the names of others.
If convicted, McAfee faces a maximum sentence of five years in prison on each count of tax evasion and a maximum sentence of one year in prison on each count of willful failure to file a tax return, the US Department of Justice said, adding that McAfee also faces a period of supervised release, restitution, and monetary penalties.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU