The SEC’s lawsuit is temporarily halted as federal charges emerge against Geosyn’s CEO Caleb Ward and former executives Jeremy and Jared McNutt. They face accusations of defrauding 64 investors, misleading them regarding Bitcoin mining rig purchases and misappropriating approximately 5.6 million USD.

The executives reportedly did not acquire the promised Bitcoin mining equipment and instead used client funds for personal expenses like luxury items and vacations. This has raised several concerns regarding the impact of potential changes in administrative policies on ongoing investigations.