Crypto Scam: SEC Slaps Siblings With $124 Million ‘Snake Oil’ Fraud
A cryptocurrency entrepreneur and his sister have been charged by US officials with crypto scam on Wednesday, accusing them of defrauding retail investors of millions of dollars using a bogus cryptocurrency. The US Securities and Exchange Commission alleges in a statement Wednesday that John and JonAtina Barksdale scammed thousands of investors with Ormeus Coin. According […]
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The brother and sister team will face charges of wire fraud, securities fraud, and conspiracy for their alleged roles in the Ormeus Coin ICO. A pair of siblings is now in very hot water with the U.S. government with criminal charges filed against them for allegedly committing fraud in the Ormeus Coin scheme. On Mar. 8, the Securities and Exchange Commission (SEC) charged siblings John Albert Loar Barksdale and sister JonAtina (Tina) Barksdale with violating federal securities laws and allegedly defrauding at least 12,000 “retail investors out of more than $124 million.” The Department of....
The United States Department of Justice (DOJ) says it has seized cryptocurrencies worth $24 million after receiving an official request from the government of Brazil. The seizure stems from an ongoing investigation into the $200 million cryptocurrency scam that may have defrauded tens of thousands of Brazilians. The authorities in Brazil say the scammers duped people by typically promising exaggerated returns and falsifying where the funds were invested. Criminal violations In a statement, the DOJ says the U.S. acceded to Brazil’s request in line with the cooperation treaty signed....
Titanium Blockchain Infrastructure Services (TBIS) has pled guilty to a securities fraud of over $21 million crypto scam. The US Department of Justice had announced that Michael Alan Stollery, CEO and Founder of Titanium Blockchain has declared himself guilty of the $21 million initial coin offering (ICO) scam. Michael, who is from California had accepted […]
Crypto scam is a pain in the neck for governments around the globe. It involves a huge amount of money and as technology advances, so do the tricks fraudsters employ behind the scheme. British authorities have ordered the shutdown of two companies involved in a crypto-related fraud. An investigation into the two firms revealed that […]
Bitcoin Savings & Trust (BS&T) operator Trendon Shavers, who has allegedly been operating a bitcoin scam and Ponzi scheme, has plead not guilty during his fraud trial in a New York District court. He is charged with one count of securities fraud and one count of wire fraud. Shavers could pay millions of dollars in fines and penalties, along with facing up to 40 years in prison if convicted. This marks Shavers' second trial in securities fraud, as he was previously found guilty of securities violations in September last year when he was ordered to pay 40 million dollars in fines. Bitcoin....