The SEC alleged Geosyn Mining’s co-founders misappropriated $1.2 million of its investors’ funds, spending it on holidays, nightclubs and firearms.
The SEC alleged the agreements to buy and run crypto miners on customers’ behalf for a fee “falsely claimed” Geosyn had contracts with electricity providers for cheap energy but in reality, the costs were “as high as 40-50% above” the rates it told customers. Geosyn’s agreements told investors they could choose what crypto to mine, the suit claimed, but the firm rejected requests toThe SEC said the firm made BTC payouts to investors to make them “believe that their mining machines were operational and profitable when they were not” and created “bogus documents” with “fabricated mining production rates and profits.”
SEC also claims Ward and McNutt misappropriated around $1.2 million in investor funds for personal use such as meals, nightclubs, vacations, guns, watches and legal fees, including a case where McNutt allegedly used the firm’s credit card on a $20,000 “Las Vegas nightclub wedding celebration” for Ward and a $49,000 family trip to
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