The SEC charged mining company Geosyn with $5.6 million fraud

Time：2024-04-26 06:48 Source：Internet Copy share

The U.S. Securities and Exchange Commission (SEC) has charged Texas-based mining company Geosyn and its co-founders with a $5.6 millionfraud.The SEC said the defendants allegedly defrauded more than 60 investors to raise about $5.6 million between November 2021 and December 2022.The SEC said in a statement that Geosyn lied about having contracts to supply electricity at low rates, the company never purchased mining equipment or provided related services.In addition, the two co-founders misappropriated $1.2 million for personal use.Geosyn also paid ~$354K in profit distributions to investors, even though it never received them.

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