<p><span style="font-weight: 400;">John and Tina Barksdale were charged Tuesday for alleged securities fraud, wire fraud and conspiracies to commit both by selling a cryptocurrency called “Ormeus Coin.” </span></p> <p><span style="font-weight: 400;">According to a </span><a href="https://www.justice.gov/usao-sdny/pr/john-barksdale-charged-cryptocurrency-securities-fraud-connection-sale-ormeus-coin"><span style="font-weight: 400;">release</span></a><span style="font-weight: 400;"> from the Department of Justice, John Barksdale misrepresented that Ormeus Coin secured a $250 million mining operation and accrued more than $5 million in revenue each month, despite the coin never approaching such value. </span></p> <p><span style="font-weight: 400;">“As alleged, John Barksdale perpetrated a scheme to sell the cryptocurrency Ormeus Coin to investors around the world through a web of lies, which he spread through in-person roadshows, social media and even a jumbotron in Times Square,” U.S. attorney Damian Williams said in a press release. </span></p> <p><span style="font-weight: 400;">The alleged crimes occurred starting in June 2017, with Ormeus Coin reaching its peak market capitalization of $52 million at around January 2018. The Barksdales allegedly defrauded investors for more than $124 million through Ormeus Coin, a </span><a href="https://www.sec.gov/news/press-release/2022-37"><span style="font-weight: 400;">release</span></a><span style="font-weight: 400;"> from the Securities and Exchange Commission (SEC) states. </span></p> <p><span style="font-weight: 400;">The Barksdales face up to a maximum sentence of 20 years for each charge of securities fraud, wire fraud, with a maximum of five years for conspiracy to commit securities fraud. </span></p>