North Texas Man Convicted of Conspiracy and Wire Fraud in Cryptocurrency Mining Scheme

A federal jury in Fort Worth convicted Caleb Ward, founder of Geosyn Mining, LLC, on Monday this week of a multi-million-dollar cryptocurrency mining investment fraud that victimized dozens of clients across the United States, announced U.S. Attorney for the Northern District of Texas Ryan Raybould.

Mr. Ward, 41, was charged via indictment in May 2025.  After a six-day trial before U.S. District Judge Mark T. Pittman, the jury found Ward guilty on all counts, including one count of conspiracy to commit wire fraud and three counts of wire fraud.

According to court documents and evidence presented at trial, Ward solicited funds from individuals who were promised that their money would be used to purchase and host specialized cryptocurrency mining equipment. Ward and his company promised clients that he had locked in electricity rates as low as 4.5 cents per kilowatt-hour; that specific mining machines would be purchased and installed on the clients’ behalf; and that clients’ machines were “up and running” and actively mining Bitcoin at various facilities.

Witnesses testified that, despite these assurances, many clients never received the machines they paid for, and others later learned that their machines were never powered on or connected as represented.  Evidence also showed that the defendant and his coconspirators sent some clients photos of mining machines that belonged to other customers, and in several instances provided serial numbers tied to completely different miners to create the false impression that their equipment had been purchased, delivered, and installed.

According to financial analysis presented at trial, clients wired more than $4.5 million to Geosyn between November 2021 and January 2023. Instead of using the funds strictly for the purchase and hosting of mining equipment as promised, Ward transferred tens of thousands of dollars to accounts in his own name and used client funds to pay prior investors in a manner consistent with a Ponzi-style scheme.  He also spent investor funds on personal expenses and paid business operational costs unrelated to specific clients’ machines, even while representing that every dollar would be dedicated to that client’s hardware and hosting.

“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.”

     
“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,” said FBI Dallas Special Agent in Charge R. Joseph Rothrock.

Mr. Ward now faces up to 20 years in federal prison on each count. 

The Federal Bureau of Investigation’s Fort Worth Resident Agency conducted the investigation.  Assistant U.S. Attorneys Chad E. Meacham and Joshua D. Detzky prosecuted the case, with assistance from Assistant U.S. Attorney Matthew Weybrecht.