{"id":29872,"date":"2024-04-29T05:51:06","date_gmt":"2024-04-29T05:51:06","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/sec-files-lawsuit-against-geosyn-mining-for-investor-fraud\/"},"modified":"2024-04-29T05:51:06","modified_gmt":"2024-04-29T05:51:06","slug":"sec-files-lawsuit-against-geosyn-mining-for-investor-fraud","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/sec-files-lawsuit-against-geosyn-mining-for-investor-fraud\/","title":{"rendered":"SEC Files Lawsuit Against Geosyn Mining for Investor Fraud"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
\n<\/p>\n

\n

In a significant legal development, the U.S. Securities and Exchange Commission (SEC) has launched a lawsuit against Geosyn Mining and its co-founders, accusing them of duping investors through fraudulent activities. The lawsuit, filed on April 24 in a federal court in Fort Worth, Texas, alleges that Geosyn and its executives, CEO Caleb Joseph Ward and former COO Jeremy George McNutt, engaged in deceitful practices resulting in investor losses amounting to $5.6 million.<\/p>\n

According to the SEC, Geosyn misled approximately 64 investors by peddling service agreements as securities between November 2021 and December 2022. The complaint asserts that Geosyn falsely represented its contracts with electricity providers, inflating the costs by up to 40-50% above the rates communicated to customers.<\/p>\n

Furthermore, the SEC contends that Ward and McNutt misled investors regarding Geosyn\u2019s operations. Despite committing to acquiring 1,400 mining<\/a> rigs, the company failed to procure 400 units and neglected to activate most of the purchased mining machines. The SEC alleges that Geosyn issued Bitcoin payouts to investors to maintain the illusion of operational profitability.<\/p>\n

Personal Misuse of Funds<\/strong><\/h2>\n

The lawsuit also accuses Ward and McNutt of misappropriating approximately $1.2 million in investor funds for personal indulgence. These expenditures include Ward\u2019s extravagant $20,000 \u201cLas Vegas nightclub wedding celebration\u201d and a $49,000 Disney World vacation.<\/p>\n

In a desperate attempt to salvage the situation, Ward resorted to issuing \u201cIOU\u201d notes to investors to document their owed Bitcoin. Despite announcing plans for bankruptcy in June, Geosyn never followed through with the filing, according to the SEC.<\/p>\n

\n
\n
\n
\n
\n
250% Extra + $125 Free Chip!<\/strong><\/strong> <\/p>\n

New players only. 250% on 1st Deposit + $125 Free Chip<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

The SEC seeks a permanent injunction against Geosyn Mining and its co-founders, along with the restitution of misappropriated funds and the imposition of penalties. This legal action underscores the SEC\u2019s commitment to protecting investors and holding accountable those who engage in fraudulent activities.<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n

Source link <\/a>
\n
<\/p>\n","protected":false},"excerpt":{"rendered":"

(Originally posted on : Crypto News – iGaming.org ) In a significant legal development, the U.S. Securities and Exchange Commission (SEC) has launched a lawsuit against Geosyn Mining and its co-founders, accusing them of duping investors through fraudulent activities. The lawsuit, filed on April 24 in a federal court in Fort Worth, Texas, alleges that […]<\/p>\n","protected":false},"author":35,"featured_media":29873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/29872"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=29872"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/29872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/29873"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=29872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=29872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=29872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}