The federal government filed a lawsuit against a former Fort Worth-based cryptocurrency mining company for allegedly defrauding clients of more than $5.6 million.
In April, the U.S. Securities and Exchange Commission filed a lawsuit against Geosyn Mining and its co-founders Caleb Joseph Ward and Jeremy George McNutt. The lawsuit alleges that Ward and McNutt entered into agreements with around 64 investors, promising to purchase, maintain and operate mining machines. Geosyn would then distribute the mining assets back to investors for a fee.
However, the SEC said the defendants made false claims to investors.
“Almost everything that defendants represented about Geosyn’s miner purchases and operations contained some element of falsity,” the lawsuit read.
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