Mining Coin Fraud: the siblings, brother and sister team, will face charges of wire fraud, securities fraud, and conspiracy for their alleged roles in the Ormeus Coin ICO.
These siblings are in very hot water with the U.S. government. They’ve criminal charges filed against them for allegedly committing fraud in the Ormeus Coin scheme and eventually over mining coin Fraud.
Likewise, on March 8, the Security and Exchange Commission (SEC) charged siblings John Albert Loar Barksdale and sister JonAtina (Tina) Barksdale. They’ve been charged with violating federal securities laws and allegedly defrauding at least 12,000. Retail investors out of more than $124 million.” Also, the Department of Justice (DOJ) arrested John abroad. They have charged him with wire fraud, securities fraud, and conspiracy.
Moreover, Both of the Barksdale siblings are U.S. citizens. According to Reuters, John, 41, was living in Thailand while JonAtina, 45, was in Honk Kong.
Again, two Ormeus Coin (ORME) initial coin offerings (ICOs) started in 2017. The SEC complaint states explicitly that the Barksdales lied about “the size and value. They’ve purported profitability of Ormeus Coin’s cryptocurrency mining coins.”
Which Mining Coin Has Been Used?
ORME is an ERC-20 token and a BEP-20 token found on Ethereum (ETH) and BNB Chain (BNB).
These siblings created social media posts and videos marketing the project. Only John has attended travelling roadshows and conferences to promote it.
Associate Director in the SEC’s Division of Enforcement Melissa Hodgman likened John to a “snake-oil salesman.” She also said both siblings used “social media, promotional websites, and in-person roadshows to mislead retail investors for their own personal benefit.”
Lastly, The project allegedly misled investors by showing its vault wallet was worth more than $190 million as of the last Nov. However, the display was allegedly set up through a separate website. It showed the value of an unrelated wallet. The SEC claims that the project’s genuine wallets “were worth less than $500,000.”
