Feds Charge Crypto-Hawking Siblings With Scamming Investors out of $124 Million

“As declared, Barksdale ran like a taking a trip salesperson and marketed lies, misrepresentations, and overstatements concerning a cryptocurrency called Ormeus Coin, which resulted in fooling thousands of investors throughout the world,” said Ricky J. Patel, Homeland Security Investigations New York Special Agent in Charge, in a statement.According to authorities, the Barksdales claimed that their company was supported by “one of the largest crypto mining operations in the world” and that the business was raking in monthly mining income in between $5.4 and $8 million. Authorities state the Ormeus mining operations shut down in 2019 after drawing too little cash, that it never ever reached even a million dollars per month. The indictment against him declares that misstatements and fabrications about the coins value were promoted through Ormeus Global, a multi-level marketing company that used incorrect and manipulative advertising to motivate unlucky investors to go all-in on the coin.The Ormeus slogan, “E Pluribus Aurum Facit– Out of Many, One Makes Gold,” calls a bit ironic in light of the charges, though Ormeus would hardly be the biggest crypto-related scandal of the previous year– or even of this year.

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