The couple behind the popular cryptocurrency Ormeus Coin have been arrested and charged with defrauding investors. The Barksdales were running a multi-level marketing scheme that sold subscription packages that included Ormeus Coin. As a result of the charges, Ormeus has been shut down and the couple is facing a massive legal battle. If you’re wondering if these two can be trusted, read on.
The US Securities and Exchange Commission and the Justice Department have accused Barksdale of fraudulently promoting the cryptocurrency. They allege that she misled retail investors, telling them that the cryptocurrency was backed by a $250 million mining operation. However, the mining operation has stopped functioning, so the government has suspended the Ormeus coin. However, this does not mean that Ormeus is a scam.
The Barksdales allegedly used misleading roadshows and YouTube videos to sell the cryptocurrency. In addition, they sold subscription packages with Ormeus Coin and an investment in a crypto trading program. According to a press release published on March 8, Ormeus Coin has dropped 21% since the announcement. The company faces several charges related to securities and wire fraud. In addition to the criminal charges, the agency is investigating the alleged fraudulent marketing practices of John and Tina Barksdale.
A federal complaint has been filed against John and Tina Barksdale, claiming that they defrauded investors by promoting a fake crypto-mining scheme that raised over $124 million. The company, Ormeus Global SA, used multi-level marketing schemes to deceive investors and then spent the money on personal expenses. Ultimately, they failed to repay investors and incurred huge losses.
Ormeus Coin also advertised that it had a $250 million cryptocurrency mining farm in Times Square in 2018. It also advertised online, but no one ever received more than $3 million. Barksdale acted like a traveling salesman peddling lies, overstatements, and misrepresentations regarding cryptocurrency. However, the company has since shut down its operations. This case is a blight on the cryptocurrency industry and its marketing practices.
John Barksdale’s sister, JonAtina, has been charged with a conspiracy to commit securities fraud. Both brothers and sisters were responsible for the social media campaigns. Neither was arrested, but they are facing civil charges from the SEC. In a statement, the SEC said the company had violated federal securities laws, but was unable to identify John Barksdale.