US SEC Suspends Lawsuit Against Crypto Mining Firm Geosyn Mining
Flash
February 17, 2025 10:51 AM
In Brief:
The SEC has suspended its lawsuit against Geosyn Mining following the surrender of key executives.
The FBI previously accused company leaders of defrauding clients and misusing funds.
The U.S. Securities and Exchange Commission (SEC) has halted its legal action against Geosyn Mining, a cryptocurrency mining company under investigation since April 2024. The decision follows the surrender of CEO Caleb Joseph Ward and former operations manager Jeremy George McNutt, who appeared in court earlier this week.
The FBI’s initial allegations centered on fraudulent activities, claiming that Ward, McNutt, and former sales manager Jared McNutt misled investors while misusing client funds for personal expenses. Despite the SEC's decision to suspend its lawsuit, criminal proceedings related to fraud and misrepresentation are still ongoing.
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