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Minerco Inc (fka MINE) RSS Feed

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 JULIUS JENGE  ARRESTED !!! 



CEO of Publicly Traded Company Arrested in Securities Fraud Scheme


Tuesday, August 27, 2024
Shareright caret
For Immediate Release
Office of Public Affairs
The chief executive officer of Minerco Inc. (stock ticker MINE) was arrested last week on charges of securities fraud related to a scheme to defraud investors in Minerco.

According to court documents, between about October 2019 and June 2021, Julius Jenge, 54, allegedly defrauded investors in the publicly traded securities of Minerco by, among other things, working together with his co-schemer to take control of Minerco in late 2019; causing the issuance of one billion Minerco shares to a nominee shareholder; and causing positive press releases about Minerco to be issued to the public, at least some of which contained materially false and misleading information, in an effort to artificially increase the share price of Minerco. Beginning in or around January 2020, Minerco purported publicly to be in the business of developing, marketing, and distributing psilocybin mushrooms, also known as magic mushrooms or psychedelic mushrooms.

Jenge allegedly concealed the involvement in Minerco of a co-schemer who had a criminal history and who controlled all aspects of Minerco’s operations. Among other things, Jenge allegedly failed to disclose his co-schemer’s involvement with Minerco in public filings, although he was required to do so. In addition, as part of the securities fraud scheme, and during an investor video conference, Jenge allegedly falsely stated that he had earned an MBA in marketing and a BA in accounting.

Minerco’s stock price and trading volume increased during the period of the alleged scheme, as investors purchased Minerco stock during this period.

Jenge was arrested on Aug. 22 at Ronald Reagan Washington National Airport, where he was booked on a flight to Tanzania.

Jenge is charged with one count of securities fraud. If convicted, Jenge faces up to 20 years in prison.

Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division, Inspector General Deborah Jeffrey of the U.S. Securities and Exchange Commission Office of Inspector General (SEC-OIG), and Inspector in Charge Eric Shen of the U.S. Postal Inspection Service (USPIS) Criminal Investigations Group made the announcement.

The SEC-OIG and USPIS are investigating the case.

Trial Attorney Kyle Crawford of the Criminal Division’s Fraud Section is prosecuting the case.

If you believe you are a victim in this case, please contact the Fraud Section’s Victim Witness Unit toll-free at (888) 549-3945 or by email at victimassistance.fraud@usdoj.gov. You are also encouraged to visit our webpage for this case at www.justice.gov/criminal/criminal-vns/case/united-states-v-julius-makiri-jenge.

A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

Updated August 27, 2024













CAVEAT EMPTOR HERE!

MINE SUSPENDED !!! MAY 27/21


NOW ON THE EXPERT MARKET 





MINE SEC Suspension "because of questions and concerns regarding the adequacy and accuracy of information about the Company in the marketplace and unusual and unexplained activity affecting the market for its securities. These include questions and concerns about the status of its corporate organization, its ownership, the accuracy and completeness of its public statements to investors about its activities, inconsistencies between its statements on social media and in its press releases as
compared to its financial disclosures on www.OTCMarkets.com, and the possibility of manipulation of the market for its securities.
"

https://www.sec.gov/litigation/suspensions/2021/34-92027.pdf

Order:
https://www.sec.gov/litigation/suspensions/2021/34-92027-o.pdf  

SECURITIES AND EXCHANGE COMMISSION v. JENGE

November 10 , 2021 



SECURITIES AND EXCHANGE COMMISSION v. JENGE 1:2021mc00149 | US District Court for the District of Columbia | Justia


Maintained By Mod 1vman   


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