Finance

U.S. SEC Files Lawsuit Against Bitcoin Miner Geosyn and Co-founders for Alleged Fraud and Unlicensed Securities Distribution

The United States Securities and Exchange Commission (SEC) has launched a lawsuit against the bitcoin mining company Geosyn and its co-founders, Caleb Ward and Jeremy McNatt. The SEC accuses them of engaging in fraudulent activities and distributing securities without proper licensing.

According to the SEC, from November 2021 to December 2022, Ward and McNatt managed to raise approximately $5.6 million from over 64 investors. The co-founders assured these investors that the funds would be used to purchase equipment necessary for mining. However, the SEC alleges that instead of buying the equipment, the duo appropriated the money for personal use, spending $1.2 million on personal expenses, including party organizing. Additionally, they reportedly paid out $354,500 to investors, falsely representing these payments as profits earned from the venture.

By the end of 2022, it was reported that only about $1,900 remained in the company's accounts, indicating a significant misappropriation of the invested funds.

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