SEC stops the lawsuit against Crypto Mining Geosyn at the request of CEOs

The Securities and Stock Exchange Authority suspended a fraud against Geosyn Mining at the request of the accused executives, following federal charges on similar allegations.

On February 14, the Supreme Education Council informed the Texas Court that it would suspend the ongoing case against the Geosyn TV mining, as originally I mentioned By cointelegraph. This decision was followed by the surrender of the CEO of Geosyn, Caleb Ward, former operations chief, Jeremy Mcnutt, to the authorities after the accusation of federal prosecutors Ward, Jeremy George McKenot, and former CEO Jared McKinot to operate encryption mining work.

The accused asked the Supreme Education Council to stop its case in light of federal charges and evaluate how the supportive list of profit in the Trump administration affects the authority of the Supreme Education Council. However, SEC stressed that the case has nothing to do with the regulation of encryption and stressed that it does not involve allegations of selling cryptocurrencies.

The lawsuit for the Supreme Education CouncilWhich was presented in April 2024, claimed that Calib Joseph Ward and Jeremy George McKenot made an unregistered and preserved offer. According to the lawsuit, between November 2021 and December 2022, the trio collected $ 5.6 million from 64 investors by selling investment contracts, while submitting false claims about their mining process.

Specifically, the accused has misled the investors by promising private electricity deals that would make mining profitable. They also failed to reveal that they did not buy or revitalize mining machines for their investors. Finally, the Supreme Education Council claimed that they offended the use of $ 1.2 million for personal expenses and used 354,500 dollars to pay other investors by buying bitcoin (BTC) To make payments look legitimate.