Ormeus Coin Creators Charged with Fraud

The SEC has pressed charges against a pair of siblings behind a $124 million crypto fraud.

Ormeus Coin Creators Charged with Fraud

Another crypto fraud has been uncovered by the US Security and Exchange Commission. In their official press release, they detail how the two siblings, John and JonAtina (Tina) Barksdale were involved in a wide $124 million cryptocurrency scheme.

It describes how the two individuals were providing their customers with two unregistered securities, luring them with a widespread marketing scheme that involved Youtube marketing ads and misleading roadshows.

The complaint alleges that at the events, in the produced materials, and currently on Ormeus Coin’s website, the defendants falsely claimed that Ormeus Coin was supported by one of the largest crypto mining operations in the world, even though they abandoned their mining operations in 2019 after generating less than $3 million in total mining revenue, states the press release.

This recent fraud investigation is yet another one in the stampede of official US scrutinies into crypto-related schemes within the past year, as the officials have promised to bring to justice all the perpetrators who were using the relatively new crypto market for criminal activity.

As the world gets to understand cryptocurrencies more and more by the day, there is an increasing number of cases like these being solved, proving that there really is no place for criminal activity, when it comes to blockchain technologies. The wheels of justice might have been turning slowly on this one, but now they do grind exceedingly fine, indeed.

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