The U.S. Securities and Exchange Commission filed a lawsuit on April 24 in Texas Northern District Court accusing Geosyn Mining and other defendants of raising $5.6 million through the offering of fraudulent securities. The suit contends that the defendants falsely claimed that Geosyn had contracts with electricity providers to operate the company's crypto mining machines at a profit, and failed to disclose that the company had not purchased mining machines for previous investors. The suit also asserts that the defendants concealed that the company was not providing services which it claimed in its offering documents. Lawyers have not yet appeared for the defendants. The case is 4:24-cv-00365, Securities and Exchange Commission v. Geosyn Mining, LLC.
Government
April 24, 2024, 2:20 PM