A North Texas man has been found guilty by a federal jury for his role in a fraudulent cryptocurrency scheme that duped investors across the nation out of millions of dollars. Caleb Ward, 41, the founder of Geosyn Mining, LLC, was convicted on charges of conspiracy and wire fraud following a six-day trial in Fort Worth, as the U.S. Attorney’s Office for the Northern District of Texas announced earlier this week.
According to trial documentation, Ward enticed clients with the promise of purchasing and operating cryptocurrency mining setups on their behalf, assuring locked-in low electricity rates and active Bitcoin mining operations. However, clients were often left empty-handed, having never received their machines, or found out their equipment was not actually mining as represented. Despite accruing over $4.5 million in client funds between November 2021 and January 2023, Ward was redistributing client investments in what appeared to be a Ponzi-like scheme, paying previous investors with newly acquired funds.
The U.S. Attorney’s Office detailed that Ward also spent investor money on personal expenses and transferred significant amounts to his own accounts. “This defendant targeted and preyed on North Texas residents who simply wanted to invest in emerging cryptocurrency technology,” U.S. Attorney Ryan Raybould stated in disclosures following the conviction. The conviction highlights a growing concern over the exploitation of the burgeoning interest in digital currencies for fraudulent schemes…