SEC Charges Minerco Executives in $8M Pump-and-Dump Scheme

Minerco Inc. executives are accused of defrauding investors through false promotions and concealing ownership links.

Minerco Inc. and its executives, Bobby Shumake and Julius Jenge, are charged with securities fraud by the SEC.
The scheme involved promoting Minerco as a leading psilocybin mushroom company, resulting in $8 million in investor losses.
Shumake allegedly concealed his control over Minerco by appointing Jenge as CEO to hide his involvement due to past legal issues.
False claims included a $1 billion valuation and partnerships with a Jamaican firm, as well as endorsements from public figures.
The SEC seeks permanent injunctions, financial penalties, and conduct-based restrictions against the accused.