Geosyn Mining Sued by SEC for Misappropriating $5.6 Million in Customer Funds

Geosyn Mining Sued by SEC for Misappropriating $5.6 Million in Customer Funds

**US SEC Files Lawsuit against Geosyn Mining** The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against cryptocurrency mining company Geosyn Mining for allegedly misappropriating $5.6 million in customer funds. The SEC alleges that the founders of Geosyn diverted funds from 64 investors between November 2021 and December 2022, under the guise of purchasing cryptocurrency mining equipment, and instead used the money for personal expenses, including entertainment and firearm purchases. The actual mining equipment purchased was reportedly less than what was promised to investors. Geosyn is now reportedly effectively insolvent. The SEC is seeking penalties that would bar Geosyn from operating and require the company to return funds to investors. **Previously on April 25, 2024** The SEC filed a lawsuit against cryptocurrency mining company Geosyn Mining for allegedly misappropriating $5.6 million in customer funds. The SEC alleges that the founders of Geosyn diverted funds from 64 investors between November 2021 and December 2022, under the guise of purchasing cryptocurrency mining equipment, and instead used the money for personal expenses, including entertainment and firearm purchases. The actual mining equipment purchased was reportedly less than what was promised to investors. Geosyn is now reportedly effectively insolvent. The SEC is seeking penalties that would bar Geosyn from operating and require the company to return funds to investors.