Cryptocurrency fraudster duo of two siblings has been charged by the feds for allegedly scamming thousands of investors of the crypto token that goes by the name Ormeus Coin.
Crypto Fraudsters Charged by Feds
As per a news story by Protocol, the United States Securities and Exchange Commission announced that the two siblings, namely Tina Barksdale and John Barksdale have been charged for allegedly violating the federal securities laws.
The crypto operations of the siblings started way back in 2017 when two Barksdale launched the Ormeus Coin token.
This time around, the US Securities and Exchange Commission or the SEC have already charged the siblings for allegedly scamming retail investors of their crypto coin to the tune of a whopping $124 million.
On top of that, according to a recent report by Gizmodo, the US Department of Justice also announced that John Barksdale is facing multiple charges, such as conspiracy to commit securities fraud, conspiracy to commit wire fraud, and even wire fraud.
The news outlet noted that the US SEC and the Justice Department are now alleging the two siblings of promoting their cryptocurrency through misleading claims, as well as marketing techniques that were deemed as fraudulent.
What's more, even the Homeland Security Investigations New York Special Agent in Charge, Ricky J Patel, himself, issued a statement regarding the crypto fraudsters.
Patel said that "as alleged, Barksdale operated like a traveling salesman and peddled lies, overstatements, and misrepresentations regarding a cryptocurrency called Oremus Coin."
The Homeland Special Agent in Charge further noted that the marketing techniques of Barksdale ended up "duping thousands of investors throughout the world."
Ormeus Coin Crypto
The officials also disclosed that the Barksdales are allegedly claiming that the Ormeus coin is "one of the largest crypto mining operations in the world."
Special Agent Patel went on to say that Barksdale also assured retail investors that the crypto token is secured by a whopping $250 million mining operation of crypto, which is touted to be the largest in the world.
However, Gizmodo noted in the same report that the Ormeus mining operations have already ceased operating a few years ago or in 2019, to be more precise.
It comes after federal officials say that it failed to profit from crypto mining, noting that its monthly earnings have never even reached a million dollars.
The indictment also alleges that the fraudulent claims regarding the Ormeus token are widely promoted globally by a multi-level marketing firm Ormeus Global.
It further claimed that the network marketing company used manipulative marketing techniques to encourage investors to put their money on the crypto token.
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Written by Teejay Boris
