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The U.S. Department of Justice has announced that the chief Executive Officer of psilocybin-producing company Minerco Inc. Julius Jenge has been arrested On August 22, he was booked for a one-way trip to Tanzania at Ronald Reagan Washington National Airport.

The former CEO fled a Securities and Exchange Commission investigation into stock fraud allegations surrounding the penny stock company Minerco.

Minerco origin

Minerco began as an oil company, but later shifted to renewable energy, and then to beverages. Jenge was asked to take over the company by an unnamed colleague in 2019. The company had been purchased from its previous owners. Jenge was asked to lead the company by a collaborator who had a criminal history and could not do so. The collaborator was actually the one making the decisions.

In 2020, the company allegedly began making false statements. It claimed that a psilocybin investment and research firm had acquired Minerco. In 2021, Minerco began to promote its psilocybin venture and announced a joint-venture with Lazurus Holistic as psilocybin specialists to grow and develop an unique strain of Jamaican mushrooms. Minerco announced that it would inherit multiple cannabis licences to grow cannabis, process it, and extract psilocybin through the joint venture with Lazurus.

Minerco tells investors It would purchase manufacturing equipment for up to one-million tablets of psilocybin nanodots per day that would be sold on legal markets. Additionally, it would sell a line medical-graded mushroom products nationwide. The company claimed to have exported mushrooms to Mydecine, which Mydecine denies.

Then, the collaborator started selling shares when the share price increased. Trading volumes also increased based on this. False statements.

The DOJ complaint stated Jenge, when interviewed, claimed to be concerned about Minerco’s legitimacy, but continued as the CEO of the company. The DOJ complaint states that Jenge agreed with the investor to conceal the fact that the collaborator was involved. Jenge also claimed to investors that he had obtained various degrees, which he never completed.

The complaint also states the collaborator changed his legal name in May 2023.

SEC trouble

The company imploded quickly. In May 2021 the SEC suspended trading after the company failed to provide financial statements. Jenge was then served with an administrative subpoena by the SEC in or around October of 2021, in connection with Minerco’s investigation. Jenge refused to comply.

Agents from the SEC OIG, and U.S. After Jenge arrived from Tanzania on a flight at Washington Dulles Airport and was informed that they were investigating Minerco, the Postal Inspection Service interviewed him. Jenge claimed that he was unaware of his collaborator’s criminal background and believed the press releases from the company to be true. He also claimed that he had not received any money from Minerco. Agents said this was false.

Jenge decided in July 2024 to fight back, and filed a suit against the SEC. The complaint alleged, among other things, that the SEC illegally suspended trading in Minerco, and “inflicted significant and irreparable damage on the financial stability, position, and reputation, as well as professional standing of Minerco, Inc., and its Chief Executive Officer.”

The complaint Jenge filed also claimed that “all Minerco press releases were factual, timely and in compliance with applicable security laws.”

On August 12, Judge Tanya S. Chutkan of the U.S. District Court for the District of Columbia issued an order to Jenge that she “produce documents responsive to the SEC Subpoena by Aug. 23” and “appear for a testimony at the Commission Offices.”

Jenge left town that day.