Fort Worth, TX – A federal jury has convicted Caleb Ward, 41, founder of Geosyn Mining, LLC, of orchestrating a multi-million-dollar crypto mining investment fraud, the U.S. Attorney’s Office for the Northern District of Texas announced Monday.
Ward was found guilty on all counts, including one count of conspiracy to commit wire fraud and three counts of wire fraud, following a six-day trial before U.S. District Judge Mark T. Pittman. He now faces up to 20 years in federal prison for each count.
According to court documents, Ward solicited funds from clients nationwide by promising to purchase and host specialized cryptocurrency mining equipment on their behalf. He assured investors that machines were fully operational and connected to low-cost electricity, but evidence showed that many clients never received their equipment. Some were shown photos of mining machines belonging to other customers, and serial numbers were falsified to create the impression that machines had been delivered and activated…