San Francisco: 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.
