WASHINGTON, USA – The CEO of Minerco Inc. has been arrested on charges of securities fraud following an alleged scheme to deceive investors. The stock ticker for Minerco is MINE.
According to court documents, between October 2019 and June 2021, Julius Jenge, 54, is accused of defrauding investors in Minerco’s publicly traded securities. Allegedly, he conspired to take control of the company in late 2019, orchestrated the issuance of one billion shares to a nominee shareholder, and issued misleading press releases that aimed to artificially inflate the company’s stock price. During this period, Minerco claimed to be involved in the development and distribution of psilocybin mushrooms, commonly known as magic mushrooms.
Jenge is also alleged to have concealed the involvement of a co-schemer with a criminal background, who reportedly controlled all operations at Minerco. Furthermore, Jenge failed to disclose this individual’s participation in official filings as required by law. During an investor conference, he allegedly misrepresented his educational qualifications, claiming to hold an MBA in marketing and a BA in accounting.
Minerco’s stock price and trading activity reportedly surged as investors acquired shares during the alleged fraud period.
Jenge was apprehended on August 22 at Ronald Reagan Washington National Airport while preparing to board a flight to Tanzania. He faces a charge of securities fraud, which, if convicted, could result in a prison sentence of up to 20 years.
The investigation is ongoing, spearheaded by relevant authorities, with prosecution led by a trial attorney from the Criminal Division’s Fraud Section.
Note: A criminal complaint is merely an allegation, and all defendants are presumed innocent until proven guilty in a court of law.
