Founder of Geosyn Mining convicted in federal court for multimillion dollar cryptocurrency fraud
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.
However, the reality was much different.
False Promises and Staged Evidence
Several witnesses testified that many clients never received the mining equipment they paid for. Others learned later that their machines had not been powered on or even connected. Some were misled with staged photographs of other clients’ machines and given false serial numbers to create the illusion of delivery and installation.
To further the scheme, Ward and his associates reportedly shared misleading updates and sent images of machines that were not assigned to the victims. Financial analysis presented during the trial showed that more than $4.5 million was wired to Geosyn Mining between November 2021 and January 2023.
Rather than using those funds to purchase and operate mining equipment, Ward funneled tens of thousands of dollars into his personal bank accounts and paid previous investors in what prosecutors described as a Ponzi-like arrangement. Additional investor money was used to cover unrelated business expenses and personal purchases.
Authorities Respond to the Verdict
“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 echoed the sentiment, stating, “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.”
Ward was indicted in May 2025 and arrested shortly thereafter. He now faces up to 20 years in federal prison for each count.
Ongoing Efforts Against Financial Crimes
The case was investigated by the FBI’s Fort Worth Resident Agency. The prosecution was handled by Assistant U.S. Attorneys Chad E. Meacham and Joshua D. Detzky, with additional support from Assistant U.S. Attorney Matthew Weybrecht.
The conviction underscores federal authorities’ ongoing efforts to crack down on fraud in the fast-moving world of cryptocurrency, where scams and misleading investments remain a significant concern for investors and regulators alike.
