$124 Million Crypto Fraud – A case has been registered against two siblings in the US for fraud in cryptocurrency. Authorities have filed a criminal case against a cryptocurrency executive and a civil charge against him and his sister. According to media reports, both these siblings are accused of duping retail investors of millions of dollars through a digital coin named Ormeus Coin.

Charge sheets have been filed in this case in Manhattan Court. According to them, John Barksdale lied about the mining asset of Ormeus Coin about its value and ability to make profits. He also lied that $250 million mining operation is going on to generate this coin and it is generating $5 million in revenue every month.

The Securities and Exchange Commission has filed separate cases against Barksdale and her sister, JohnTina Barksdale. He has been accused of making fraudulent offers on this digital coin. The commission said the two siblings, through their multi-level marketing company Ormeus Global SA, duped 20,000 investors and earned $124 million from them since 2017. He promoted the coin through roadshows and social media.

John Barksdale has been arrested and could face up to 65 years in prison on charges of security fraud, wire fraud and conspiracy charge.

Via CryptoGuides.online