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The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Texas-based Bitcoin mining firm Geosyn Mining, LLC, and its co-founders, Caleb Ward and Jeremy McNutt, for conducting an unregistered and fraudulent securities offering. The SEC accuses the company of defrauding investors out of $5.6 million through deceptive practices, including misappropriating $1.2 million for personal luxuries, providing false operational capabilities, and supplying misleading mining data about the number of ASICs it operated. The lawsuit was filed in federal court.
SEC CHARGES GEOSYN MINING WITH $5.6M FRAUD The SEC has filed fraud charges against Geosyn, a Texas-based crypto mining firm, and its co-founders, Caleb Ward and Jeremy McNutt, for allegedly defrauding investors of $5.6M. The complaint details that the company misrepresented its… https://t.co/GgqZtUePBC
ICYMI: SEC files lawsuit against Geosyn Mining & co-founders for alleged $5.6M fraud scheme! Learn about the accusations & deceptive practices outlined in the legal action: ↓ https://t.co/lK2R0dvvUD
UPDATE: The SEC charges Geosyn Mining & its founders with fraud, alleging misuse of investor funds on lavish personal expenses & false financial claims. More details…↓ #Bitcoin (By: @ComposableD) https://t.co/lK2R0dvvUD
