The US Securities and Exchanges Commission (SEC) has filed a suit against Geosyn Mining and its co-founders for alleged fraud.
The US Securities and Exchanges Commission (SEC) has filed a suit against Geosyn Mining and its co-founders for alleged fraud. The regulator claims that Geosyn and its co-founders, Caleb J. Ward and Jeremy G. McNutt, deceived investors and spent $5.6 million in investor funds for personal use.
The lawsuit filed in a Texas federal court says that Geosyn Mining lied and falsely declared its operational capacity to defraud unsuspecting investors. SEC Crackdown on Geosyn Mining: Allegations of Fraud and Misrepresentation Unveiled
The April 24 filed in US District Court in Fort Worth, Texas, highlighted a series of fraudulent activities allegedly committed by Geosyn and two of its executives.
The securities watchdog claims that Geosyn defrauded about 64 investors by selling service agreements disguised as securities. The filing notes that Geosyn, its CEO Ward, and former COO McNutt raised $5.6 million from 64 investors between November 2021 and December 2022.
The parties promised to buy and run equipment for mining cryptocurrencies like Bitcoin and release mined coins to investors for a fee.
