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.
Financial analysis presented at trial revealed that between November 2021 and January 2023, clients wired over $4.5 million to Geosyn. Instead of using the funds solely for mining equipment and hosting, Ward redirected tens of thousands of dollars for personal expenses, business costs unrelated to client machines, and payments to prior investors, consistent with a Ponzi-style scheme.
“This defendant targeted and preyed on North Texas residents who simply wanted to invest in emerging cryptocurrency technology,” said U.S. Attorney Ryan Raybould. “I’m proud of the trial team for this great result. Our Office will continue holding accountable those who prey on Main Street investors.”
FBI Dallas Special Agent in Charge R. Joseph Rothrock emphasized the bureau’s role in protecting investors: “This conviction demonstrates the FBI’s commitment to identifying and investigating perpetrators of fraud who use investor funds for their own personal gain. We encourage the public to thoroughly research investment opportunities and to contact us immediately if they suspect fraudulent activity.”
The investigation was conducted by the FBI’s Fort Worth Resident Agency. The case was prosecuted by Assistant U.S. Attorneys Chad E. Meacham and Joshua D. Detzky, with assistance from Matthew Weybrecht.
