CEO of Minerco Inc. Arrested on Securities Fraud Charges

WASHINGTON, D.C. – Julius Jenge, the chief executive officer of Minerco Inc. (stock ticker MINE), was arrested last week on charges of securities fraud in connection with an alleged scheme to defraud investors.

According to court documents, from October 2019 to June 2021, Jenge, 54, allegedly orchestrated a scheme to manipulate the stock price of Minerco, a publicly traded company. The indictment alleges that Jenge, along with a co-conspirator, took control of Minerco in late 2019 and issued one billion shares to a nominee shareholder. The pair then allegedly released a series of positive press announcements about the company, some of which contained materially false and misleading information, in an effort to artificially inflate Minerco's stock price.

Minerco, which publicly claimed to be involved in the development, marketing, and distribution of psilocybin mushrooms, saw its stock price and trading volume rise significantly during the period of the alleged scheme. However, according to the charges, Jenge concealed the involvement of his co-conspirator, who had a criminal background and was controlling all aspects of Minerco’s operations. Jenge allegedly failed to disclose this individual's involvement in required public filings.

In addition to the fraudulent activities surrounding the stock, Jenge allegedly made false claims during an investor video conference, including stating that he had earned an MBA in marketing and a BA in accounting, which were later found to be untrue.

Jenge was arrested on August 22 at Ronald Reagan Washington National Airport as he attempted to board a flight to Tanzania.

If convicted, Jenge faces up to 20 years in prison on the securities fraud charge.

A person with handcuffs holding a sign that says fraudPhoto byTima Miroshnichenko