A federal jury in Fort Worth has found Caleb Ward, founder of Geosyn Mining, LLC, guilty of conspiracy and wire fraud in connection with a cryptocurrency mining investment scheme. The verdict was announced by U.S. Attorney for the Northern District of Texas Ryan Raybould.
Ward, 41, was indicted in May 2025. Following a six-day trial before U.S. District Judge Mark T. Pittman, the jury convicted him on all counts: one count of conspiracy to commit wire fraud and three counts of wire fraud.
Evidence presented at trial showed that Ward solicited investments from individuals across the United States with promises that their funds would be used to buy and operate specialized cryptocurrency mining equipment. He assured clients that electricity rates as low as 4.5 cents per kilowatt-hour had been secured, specific mining machines would be purchased for them, and their equipment was operational and mining Bitcoin at various facilities.
Testimony revealed that many clients did not receive the machines they paid for or discovered later that their machines were never activated or connected as claimed. Evidence indicated that Ward and his associates sent some clients photos of other customers' mining machines and provided serial numbers unrelated to their purchases to give the false impression that equipment had been bought, delivered, and installed.
Financial analysis during the trial demonstrated that more than $4.5 million was wired to Geosyn between November 2021 and January 2023. Instead of using these funds exclusively for purchasing and hosting mining equipment as promised, Ward transferred significant sums to his own accounts and used client money to pay earlier investors in a pattern resembling a Ponzi scheme. He also spent investor money on personal expenses and business costs unrelated to specific clients’ hardware while claiming all funds would go toward their equipment.
“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.
Ward faces up to 20 years in federal prison on each count.
The investigation was conducted by the Federal Bureau of Investigation’s Fort Worth Resident Agency. Assistant U.S. Attorneys Chad E. Meacham and Joshua D. Detzky prosecuted the case with assistance from Assistant U.S. Attorney Matthew Weybrecht.
