Dear reader, here’s the latest Geosyn Mining news. The US Securities and Exchange Commission has recently taken legal action against the crypto-mining firm— Geosyn Mining, LLC.
The US financial services regulator, which sometimes serves, indirectly, as a financial fraud investigator has sued the Texas-based entity for committing a wide range of offenses. These offenses include:
- One, engaging in unregistered and fraudulent securities offerings.
- Two, raising funds under pretense.
- Three, lack of transparency and misrepresentation.
As such, Scamreader advises you to avoid engaging in any commercial dealings with this company, which operates under the domain — www.geosynmining.com. Should it send you an unsolicited email or contact you by telephone with purported offerings, you should not cooperate. Before delving further into this story, here’s a quick summary of Geosyn Mining:
- Company: Geosyn Mining, LLC.
- Website: geosynmining.com
- Founders: Caleb Ward and Jeremy McNutt.
- Services: Crypto asset mining.
- Location: 1227 West Magnolia Avenue, Suite LL 100, Fort Worth, Texas 76104.
- Telephone: 817-266-6005
- Email: info@geosynmining.com.
Geosyn Mining News In-Depth Story
On April 24, 2024, the Securities and Exchange Commission announced that it had charged Geosyn Mining, LLC alongside the individuals behind it for various offenses.
1. Raising Money Through a False Pretense
To begin with, the SEC alleged that between November 2021 and December 2022, Ward and McNutt raised approximately $5.6 million from over 60 investors through false pretense. The regulator said that the duo promised investors that they would buy, maintain, and operate several crypto mining machines and then distribute mined cryptocurrencies to the investors at a small cost. However, the commission went on to clarify that Ward and McNutt never purchased the said machines.
2. Lack Of Transparency and Misrepresentation
Further, the US Securities and Exchange Commission charged the firm’s founders with failing to disclose to new investors that they never acquired the mining machines as promised.
The US financial services regulator additionally accused Ward and McNutt of not being forthright with investors about Geosyn Mining not offering the services it claimed to offer.
It also accused the duo of pretending to operate the company profitably, stating that they distributed fake profits totaling approximately $354,500 to investors.
The regulator further charged them with deceiving investors by claiming that they had an agreement with electricity providers that enabled the company to pay less for the electricity. This electricity was needed to power the supposed mining machines.
Lastly, the commission sued Ward and McNutt for misappropriation of funds, alleging that they diverted $1.2 million of the $5.6 million raised from investors for personal use.
Misrepresentation is a common fraudulent practice we’ve seen in many crypto-mining and also online brokerage firms considered fraudulent. These firms include Vantage Financial Trust, Vintanse Group, and Blue Holdings. The same can be said about obtaining money through a false pretense and misappropriating funds. Matter of fact, these practices are considered serious offenses not only in the crypto trading realm but also in the general context of the law.
It’s worth mentioning in this breaking Geosyn Mining news that SEC.GOV normally takes cyber enforcement actions against firms within the financial markets that it has found to engage in such practices and misconduct.
Have You Fallen Victim To Geosyn Mining Or a Similar Fraud?
If so, and you are a resident of the following countries, it’s not too late to report the firm to your financial regulatory authority and put yourself on the right track to recover your money.
- The United States of America.
- Canada.
- New Zealand.
- Australia.
- Denmark.
- The Netherlands.
- Belgium.
- Czech Republic.
- Luxembourg.
- Ireland.
- Italy.
- Hungary.
- Norway.
- Spain.
- Sweden.
- France.
- Finland.
- Kuwait.
- South Africa.
- Switzerland.
- Saudi Arabia.
- Croatia.
- Colombia.
- Chile.
- Greece.
- Hong Kong.
- Cyprus
- Estonia.
- Macedonia.
- Oman.
- Mexico.
- Malaysia.
- Portugal.
- Qatar.
- Poland.
- Peru.
- Panama.
- Singapore.
- Slovakia.
- Romania.
- South Korea.
- Slovenia.
- Serbia.
- The United Arab Emirates(UAE).
To report the individual or entity to your financial services regulator, go to this page. Please note that, due to jurisdictional limitations, we may not be able to assist scam victims who are residents of the United Kingdom or any other country that is not on the list, at this time.