A federal jury in Fort Worth has found Caleb Ward, the founder of Geosyn Mining, LLC, guilty of conspiracy and wire fraud in connection with a cryptocurrency mining investment scheme. The announcement was made by U.S. Attorney for the Northern District of Texas Ryan Raybould.
Ward, 41, was indicted in May 2025. After a six-day trial before U.S. District Judge Mark T. Pittman, he was convicted on all counts: one count of conspiracy to commit wire fraud and three counts of wire fraud.
Court documents and evidence presented during the trial showed that Ward solicited funds from individuals across the United States, promising that their investments would be used to purchase and host specialized cryptocurrency mining equipment. Clients were told that electricity rates as low as 4.5 cents per kilowatt-hour had been secured; that specific mining machines would be purchased and installed for them; and that their machines were operational and actively mining Bitcoin at various facilities.
However, witnesses testified that many clients never received the machines they paid for or later discovered their equipment was never powered on or connected as claimed. Evidence also indicated that Ward and his associates sent some clients photos of mining machines belonging to other customers and provided serial numbers tied to different miners to create a false impression regarding delivery and installation.
Financial analysis revealed that over $4.5 million was wired to Geosyn between November 2021 and January 2023. Instead of using these funds solely for purchasing and hosting mining equipment as promised, Ward transferred tens of thousands of dollars into accounts under his own name, used client money to pay prior investors in a manner similar to a Ponzi scheme, spent investor funds on personal expenses, and covered unrelated business costs—all while assuring clients their money would be dedicated exclusively to their hardware needs.
“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 Federal Bureau of Investigation’s Fort Worth Resident Agency led the investigation into this case. Assistant U.S. Attorneys Chad E. Meacham and Joshua D. Detzky prosecuted it with assistance from Assistant U.S. Attorney Matthew Weybrecht.
