The SEC announced today that brothers John and Tina Barksdale defrauded their investors of $ 124 million with the fake altcoin they created.
“Developers of Altcoin Orneus Coin Defrauded Thousands”
Brothers John and Tina Barksdale, according to the SEC’s statement, Ormeus Coin He defrauded thousands of investors using his altcoin. It was stated that the scammer brothers offered Ormeus Coin for sale through crypto money exchanges and that this was on Youtube. cryptocurrency It was learned that they advertised.
When the website of the altcoin in question is examined, it is claimed that HitBTC, PancakeSWap, UniSwap and other crypto money exchanges have listed Ormeus. Ormeus, a cryptocurrency running on Ethereum, uses “green energy,” according to its website.
Ormeus Coin Claims To Have Mined $250 Million
However, the SEC argued that the Barksdale brothers gave false information about their project:
“John Barksdale allegedly held meetings around the world to promote his project and, along with his sister, Tina, posted social media posts, YouTube videos, press releases, and other promotional materials.”
In these investor relations, the defendants misleadingly and falsely found that Ormeus Coin owns a $250 million cryptocurrency mining operation, generating $5.4 million to $8 million monthly revenue from that mining activity.”
In addition, the SEC stated that the brothers ended their mining operations in 2019 and remained below $3 million in revenue.
Melissa Hodgman, deputy director of the SEC’s Enforcement Division, said in a statement on the matter:
“We allege that the Barksdale brothers used social media, websites, and personal meetings to engage in fraudulent activities and mislead individual investors for their own personal gain.”
*Not investment advice.