Ormeus Coin (ORME)
A token (ORME) sold via the Ormeus Global MLM that the SEC said defrauded thousands of investors of $124M+. The Barksdale siblings falsely claimed it was backed by a $250M crypto-mining operation producing $5.4–8M/month — they had abandoned mining in 2019 after under $3M in total revenue.
Also known as: Ormeus Coin, ORME, Ormeus Global
Summary
Ormeus Coin (ORME) was a crypto token that, per the SEC, John and JonAtina ("Tina") Barksdale sold to thousands of retail investors (June 2017 onward) — both directly on trading platforms and through the Ormeus Global multi-level-marketing business — raising more than $124 million. [1][2]
The fraud
The SEC said the Barksdales falsely claimed (via worldwide roadshows, YouTube videos, and the project website) that Ormeus Coin was backed by one of the world's largest crypto-mining operations, worth $250 million and producing $5.4–8 million per month — when they had actually abandoned mining in 2019 after generating less than $3 million in total revenue. They also allegedly manipulated ORME's price and misused investor funds for personal expenses. [1][2]
Outcome
The SEC charged both siblings in 2022; in March 2023 a court entered a default judgment ordering ~$56.3 million in joint disgorgement and interest plus a ~$23.1 million civil penalty each. John Barksdale also faced parallel criminal securities-fraud charges from the DOJ (SDNY). [1][2]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
- John BarksdaleCo-founderIndividualsCo-creator of Ormeus Coin who led worldwide roadshows promoting it with false claims of a $250M mining operation. The SEC won a default judgment over the $124M fraud, and the DOJ brought parallel criminal securities-fraud charges.
- Tina BarksdaleCo-founderIndividualsCo-creator of Ormeus Coin (JonAtina Barksdale) who led production of the promotional materials behind the $124M fraud. The SEC won a default judgment ordering disgorgement and a ~$23.1M civil penalty.
Sources (2)
See also
$MELANIA tokenMarket manipulationA Solana memecoin announced by Melania Trump on Jan 19, 2025. Per FT analysis, ~24 wallets bought in minutes before the public announcement and netted ~$99.6M as retail piled in; the token then fell 95%+. Early buys were traced to wallets linked to $LIBRA figure Hayden Davis. No charges have been filed.
$TRUMP tokenMarket manipulationA Solana memecoin launched days before Donald Trump's second inauguration (Jan 2025). Trump-linked entities hold 80% of supply and earned $320M+ in fees while ~760,000 mostly-retail wallets lost money; a 'dinner with the president' promotion for top holders drew conflict-of-interest scrutiny. The 'scam' label is contested and no charges have been filed.
This page was last updated on Jun 15, 2026. View revision history.