Jenge is accused of hiding the involvement of a co-conspirator with a criminal background, who allegedly had control over all operations at Minerco. Reports suggest that Jenge did not disclose this individual’s role in the company in official documents, despite being obligated to do so.
Last week, the CEO of Minerco Inc. (stock ticker MINE) was taken into custody on allegations of securities fraud tied to a scheme aimed at deceiving investors in the company.
Court documents reveal that from approximately October 2019 to June 2021, Julius Jenge, 54, is accused of misleading investors in Minerco's publicly traded securities. His actions reportedly included collaborating with an accomplice to seize control of the company in late 2019, orchestrating the issuance of one billion Minerco shares to a nominee shareholder, and releasing optimistic press statements about Minerco that contained significant falsehoods and misleading information, all to artificially inflate the company's stock price. Starting around January 2020, Minerco publicly claimed to be engaged in the development, marketing, and distribution of psilocybin mushrooms, commonly referred to as magic mushrooms or psychedelic mushrooms.
Public SEC filings reveal that Minerco has claimed various business objectives since its inception around 2007. The company initially concentrated on oil and natural gas, later shifting its focus to renewable energy, and eventually to the beverage sector.
A review of public documents and Minerco's social media indicates that from roughly 2014 to 2019, the company publicly emphasized its commitment to the beverage industry. However, according to reports on OTC Markets, Minerco reported no revenues from approximately July 2016 to April 2019.
Last week, the CEO of Minerco Inc. (stock ticker MINE) was taken into custody on allegations of securities fraud tied to a plot to deceive investors in the company.
Jenge is accused of hiding the involvement of a co-conspirator with a criminal background, who allegedly had control over all operations at Minerco. Reports suggest that Jenge did not disclose this individual’s role in the company in official documents, despite being obligated to do so.
Furthermore, during an investor video call, he allegedly made false claims about holding an MBA in marketing and a BA in accounting as part of the fraudulent scheme. During the time of these alleged activities, Minerco’s stock price and trading volume saw a rise as investors bought shares.
Jenge was apprehended on August 22 at Ronald Reagan Washington National Airport while preparing to board a flight to Tanzania. He faces a single charge of securities fraud, and if found guilty, he could be sentenced to as much as 20 years in prison.
Minerco, Inc. was established as a Nevada Corporation around 2007. It operated under the stock symbol MINE on the Over-the-Counter Markets (OTC Markets), rather than on major exchanges like NASDAQ. Often referred to as "penny stocks," these shares are typically traded on OTC Markets. Starting in January 2020, Minerco claimed to be engaged in the development, marketing, and distribution of psilocybin mushrooms, commonly known as magic or psychedelic mushrooms.
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