Behold , Ormeus Coin ! A glittering digital asset , a massive investment opportunity , and yet another gilded example of everything the cryptocurrency industry has to offer the human beings .
… Or , as federal officials see it , a massive scam that suckered 10 of million of dollars out of miserable investors via fallacious selling .
Ormeusis a cryptocurrency that was launched in 2017 , the brainchild of John and Tina Barksdale — two siblings and self - identify crypto marketers — who are now face federal securities charges in connection with their business concern . In acomplaintunsealed Tuesday , the Securities and Exchange Commission charged the siblings with defrauding their investor out of $ 124 million . In an accompanyingfederal indictmentunsealed the same solar day , the Justice Department announced multiple charge against John Barksdale — wire fraud , conspiracy to commit wire fraud , conspiracy to commit securities fraud . Both delegacy aver that the duad used deceptive and unlimited fraudulent marketing proficiency to lure in investors to a coin that was n’t nearly as worthful as they claimed .
Photo: Jakub Porzycki/NurPhoto (Getty Images)
“ As alleged , Barksdale operated like a traveling salesman and peddled lies , overstatements , and deceit regarding a cryptocurrency phone Ormeus Coin , which resulted in duping thousands of investor throughout the world , ” said Ricky J. Patel , Homeland Security Investigations New York Special Agent in Charge , ina program line .
concord to officials , the Barksdales claimed that their business was supported by “ one of the big crypto minelaying operations in the mankind ” and that the company was glance over in monthly minelaying revenue between $ 5.4 and $ 8 million . The Barksdales also heralded their token as a “ new digital money system backed by a fully - inspect industrial crypto - mining operation . ”
But , according to Union officials , most of those call were BS . Officials say the Ormeus minelaying operations shut down in 2019 after delineate too fiddling money , that it never give even a million dollar sign per month . According to the DOJ , John Barksdale claimed to have $ 250 million Charles Frederick Worth of Bitcoin stored at the minelaying operation that would secure the token ’s economic value . In reality , the coin belong to someone else , the indictment states . The bill of indictment against him claim that misrepresentations and fabrications about the coin ’s economic value were promoted via Ormeus Global , a multi - even marketing company that used false and manipulative advertising to boost pitiable investor to go all - in on the coin .
The Ormeus slogan , “ E Pluribus Aurum Facit — Out of Many , One Makes Gold , ” rings a bit ironical in ignitor of the charges , though Ormeus would just be the large crypto - related scandal of thepast class — or even ofthis class .
BitcoinCryptocurrencyLaw , CrimeUberisation
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