John and Tina Barksdale Arrested in US Securities Fraud Charges

US authorities have filed criminal and civil charges against cryptocurrency entrepreneur John and Jonatina Barksdale. The duo are accused of defrauding retail investors by misleading them about the mining assets of Ormeus Coin. Their company is accused of defrauding investors out of over $124 million through unregistered securities offerings. In addition, the couple faces charges from the Securities and Exchange Commission for false claims that they have made to investors about the value of Ormeus Coin and its profitability.

The SEC alleges that John and Tina Barksdale violated federal securities laws and is seeking unspecified civil penalties. While the sisters were not personally involved in the scam, they were allegedly behind social media campaigns promoting the company. Although JonAtina Barksdale and Tina Barksdale were not immediately available for comment, she is charged with conspiring to commit securities fraud.

The Barksdales are accused of defrauding investors of millions of dollars by marketing a multi-level marketing scheme. The duo has been arrested on charges of conspiracy, securities fraud, and wire fraud, which stem from their fraudulent activity. They allegedly lied to investors about their cryptocurrency’s mining assets for years. The federal authorities say that the pair took thousands of dollars from unsuspecting investors through this scheme.

In addition to the crimes, the Barksdales are accused of stealing more than $124 million from investors and using the proceeds to buy luxury items. The Barksdales’ multi-level marketing company, Barksdales Ormeus Global SA, also took millions in investor funds. The founders of Barksdales Ormeus Global SA reportedly blew millions of dollars on personal expenses. They posted pictures of themselves in Singapore, Rome, and China. They also own several properties in the Washington D.C. metro area and in Ohio.

The Barksdales’ fraudulent business was based on a cryptocurrency called Ormeus Coin, which was produced by an unnamed major crypto mining company. It was estimated that Ormeus Coin could produce $5.4 to $8 million per month. The company, however, canceled the project in 2019.

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