Mon - Fri 10:00-18:00
Johannesburg, Fourways

U.S. DOJ: John McAfee Indicted For Tax Evasion, Arrested In Spain

(RTTNews) – John David McAfee, who founded the software company McAfee Associates, was indicted for tax evasion and willful failure to file tax returns, the U.S. Department of Justice said in a statement. The June 15 indictment was unsealed following McAfee’s arrest in Spain where he is pending extradition.

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.

However, from 2014 to 2018, he allegedly failed to file tax returns, despite receiving considerable income from these sources, Principal Deputy Assistant Attorney General Richard Zuckerman of the Justice Department’s Tax Division and U.S. Attorney Michael Dunavant for the Western District of Tennessee noted.

As per the charge, 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.

He also allegedly attempted to evade the IRS by concealing assets, including real property, a vehicle, and a yacht, in the names of others.

The indictment does not allege that during these years McAfee received any income or had any connection with the anti-virus company bearing his name.

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.

He also faces a period of supervised release, restitution, and monetary penalties.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Leave a Reply

Select your currency
ZAR South African rand