-1.4 C

Crypto Fraudsters Charged by Feds for Allegedly Scamming Investors of Ormeus Coin

Popular Posts

Two cryptocurrency fraudsters, one brother and one sister were charged with allegedly defrauding thousands of investors in the crypto token Ormeus Coin.

This photo shows the altcoin ethereum currency, as it was photographed in London on April 25, 2018. After a huge crash in the first quarter 2018, which saw more than $550 Billion wiped out of the total market capitalisation, cryptocurrency markets started to recover this month.

Feds charge crypto fraudsters

According to Protocol’s news report, the United States Securities and Exchange Commission has announced that Tina Barksdale and John Barksdale were charged with violating federal securities laws.

The crypto operations of the siblings began in 2017, when two Barksdales launched the Ormeus Coin token.

The US Securities and Exchange Commission (or the SEC) has already indicted the siblings for allegedly defrauding retail investors of crypto coin to the tune $124 million.

Additionally, according to a report from Gizmodo the US Department of Justice announced that John Barksdale faces multiple charges including conspiracy to commit securities fraud and conspiracy to wire fraud.

According to the news outlet, the US SEC as well as the Justice Department have now accused the siblings of promoting cryptocurrency using misleading claims and marketing techniques that were deemed fraudulent.

Furthermore, Ricky J Patel (Hinter Security Investigations New York Special Agent In Charge) made a statement about the crypto fraudsters.

Patel stated that Barksdale, as alleged, “operated like a traveling salesman” and sold lies, overstatements and misrepresentations about a cryptocurrency called Oremus Coin.

Further, the Homeland Special Agent in Charge noted that Barksdale’s marketing methods had “duped thousands of investors around the globe.”


Cryptocurrency for Ormeus Coin

Officials also revealed that Barksdales are allegedly claiming Ormeus is “one the largest crypto mining operations worldwide.”

Barksdale, according to Special Agent Patel, also assured retail investors that crypto token was secured by a staggering $250 million crypto mining operation. This is said to be the largest crypto mining operation in the world.

Gizmodo however noted in the same report, that Ormeus’ mining operations had ceased operation a few years back or in 2019, for more specific.

Federal officials claim that the government failed to make any profit from crypto mining. They also note that its monthly earnings never exceeded a million dollars.

Indictment alleges also that Ormeus Global, a multi-level marketing company, promoted fraudulent claims about the Ormeus token.

The network marketing company claimed that it used manipulative marketing techniques in order to get investors to invest in the crypto token.


- Advertisement -spot_img

More articles


Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Recent Posts