SEC诉讼
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🏢️SEC temporarily suspends fraud lawsuit against mining company Geosyn at the request of defendant executives!
On February 14, according to foreign media reports, the U.S. Securities and Exchange Commission (SEC) notified the Texas court that it would suspend the fraud lawsuit against cryptocurrency mining company Geosyn based on the request of the defendant executives. Prior to this, Geosyn Mining had also faced multiple federal charges.
Federal prosecutors pointed out that Geosyn's boss and former executives had committed fraud, misappropriating customer funds for personal consumption instead of investing in mining operations. After the incident was exposed, Geosyn's CEO Caleb Ward and former operations director Jeremy McNutt surrendered to the authorities.
The origin of the incident was that the defendants asked the U.S. Securities and Exchange Commission (SEC) to suspend the proceedings. They believed that the Trump administration's stance on cryptocurrencies could weaken the SEC's supervision. However, the SEC insisted that this case had no direct connection with cryptocurrency regulation and did not involve allegations of cryptocurrency sales.
So, the SEC's lawsuit filed in April last year pointed out that Caleb Joseph Ward and Jeremy George McNutt conducted a fraudulent securities offering without registration. The lawsuit documents show that from November 2021 to December 2022, they raised $5.6 million from 64 investors and made false statements about the mining business.
In short, the defendants promised investors special electricity deals that made the mining business look highly profitable, but they concealed the fact that no mining equipment was actually purchased or activated.
Ultimately, the SEC accused the defendants of using $1.2 million for personal consumption and paying $354,500 to other investors, falsely claiming that the funds were used to purchase Bitcoin, in order to legitimize their payment behavior.
This incident once again reminds investors that they must be vigilant when getting involved in the cryptocurrency market and that any investment opportunities should be fully investigated and risk assessed.
However, although the case has been temporarily shelved, the battle between the SEC and the defendants may continue.
💬What do you think? How do you think investors should protect themselves from this type of fraud? Leave a comment!
#投资者保护 #SEC诉讼 #GeosynMining #投资欺诈
On February 14, according to foreign media reports, the U.S. Securities and Exchange Commission (SEC) notified the Texas court that it would suspend the fraud lawsuit against cryptocurrency mining company Geosyn based on the request of the defendant executives. Prior to this, Geosyn Mining had also faced multiple federal charges.
Federal prosecutors pointed out that Geosyn's boss and former executives had committed fraud, misappropriating customer funds for personal consumption instead of investing in mining operations. After the incident was exposed, Geosyn's CEO Caleb Ward and former operations director Jeremy McNutt surrendered to the authorities.
The origin of the incident was that the defendants asked the U.S. Securities and Exchange Commission (SEC) to suspend the proceedings. They believed that the Trump administration's stance on cryptocurrencies could weaken the SEC's supervision. However, the SEC insisted that this case had no direct connection with cryptocurrency regulation and did not involve allegations of cryptocurrency sales.
So, the SEC's lawsuit filed in April last year pointed out that Caleb Joseph Ward and Jeremy George McNutt conducted a fraudulent securities offering without registration. The lawsuit documents show that from November 2021 to December 2022, they raised $5.6 million from 64 investors and made false statements about the mining business.
In short, the defendants promised investors special electricity deals that made the mining business look highly profitable, but they concealed the fact that no mining equipment was actually purchased or activated.
Ultimately, the SEC accused the defendants of using $1.2 million for personal consumption and paying $354,500 to other investors, falsely claiming that the funds were used to purchase Bitcoin, in order to legitimize their payment behavior.
This incident once again reminds investors that they must be vigilant when getting involved in the cryptocurrency market and that any investment opportunities should be fully investigated and risk assessed.
However, although the case has been temporarily shelved, the battle between the SEC and the defendants may continue.
💬What do you think? How do you think investors should protect themselves from this type of fraud? Leave a comment!
#投资者保护 #SEC诉讼 #GeosynMining #投资欺诈
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