Fort Worth, Texas – A federal jury in Fort Worth has convicted 41-year-old Caleb Ward, the founder of Geosyn Mining, LLC, for orchestrating a multi-million-dollar cryptocurrency investment fraud scheme. The announcement was made this week by U.S. Attorney for the Northern District of Texas, Ryan Raybould, following a six-day trial before U.S. District Judge Mark T. Pittman.
Ward was found guilty on all counts, including one count of conspiracy to commit wire fraud and three counts of wire fraud. His company, Geosyn Mining, promised clients across the United States that their money would be used to purchase and host high-performance cryptocurrency mining machines that would generate revenue through Bitcoin mining.
According to court documents and trial evidence, Ward assured investors that he had secured electricity rates as low as 4.5 cents per kilowatt-hour and claimed their mining machines were “up and running” at various facilities. He also promised that specific mining equipment had been purchased and installed on behalf of each client…