SEC suit against crypto miner Geosyn on ice as feds file fraud charges
US prosecutors have filed parallel charges against former and current Geosyn Mining executives, which has put the brakes on an SEC lawsuit.
The Securities and Exchange Commission has paused its fraud lawsuit against crypto mining firm Geosyn Mining and its executives after US federal prosecutors brought similar charges against the company’s CEO and two former executives.
In a Feb. 14 filing to a Texas federal court, the agency agreed to stay the case it filed in April 2024 after Geosyn CEO Caleb Joseph Ward and the firm’s former operating chief Jeremy George McNutt handed themselves over to authorities and appeared in court a day earlier.
In a Feb. 5 filing to a Texas federal court unsealed on Feb. 10, an FBI affidavit alleged Caleb Ward, Jeremy McNutt and Jared McNutt — Geosyn’s former sales manager who wasn’t named in the SEC’s suit — defrauded their customers and spent their money on personal items and expenses.
Go to Source
Author: Jesse Coghlan
