Geek Group president: "I did a stupid thing"

The National Science Institute, formerly known as The Geek Group, has permanently closed just 10 days after authorities raided their Michigan offices, seizing computers, hard drives and other equipment as part of an FBI and Homeland Security Agency investigation.

Chris Boden, president of the institute, has admitted to commercially trading in cryptocurrencies without the necessary authorisation. In his Saturday statement broadcast on YouTube, Boden admitted to acting improperly.

“I did a stupid thing,” Boden said. “I made a bad decision, so I’m going to pay for it.”

Due to the closure, all of the company’s assets will be liquidated. At the moment, the exact charges Boden faces are still unknown.