For the Ormeus Global fraud, the SEC has filed lawsuits against John Barksdale and his sister, JonAtina “Tina” Barksdale. Using Ormeus Global’s ORME cryptocurrency, the regulator claims the Barkdales stole over $124 million. In June of this year, we investigated and reported on Ormeus Global’s stock fraud. The Barkdales committed fraud between June 2017 and April 2018, according to the SEC’s complaint.
Defendants John and Tina Barksdale defrauded Ormeus Global, S.A. by offering and selling subscription packages containing unregistered securities. Starting in June of this year, there will also be a pause… The Ormeus Coin digital asset was fraudulently offered and sold by the defendants as an unregistered security.
In spite of the fact that they should have been, neither subscription packages nor Ormeus Coin were ever registered as securities with the Commission. As a former resident of Thailand, John Barksdale is a US citizen. In a separate criminal case, he was taken into custody.
Barksdale is rumored to have been extradited back to the United States or to be in the process of doing so. US citizen Tina Barksdale lives in Hong Kong. She was John Barksdale’s sister; she was in charge of Ormeus Global and Ormeus Coin’s operations. Among her responsibilities at Ormeus’ Hong Kong office were coordinating the company’s marketing videos, which it used to portray itself as a legitimate business, and overseeing the bank accounts.
John Barksdale was Ormeus Global’s public face. I’d never heard of Tina Barksdale before today’s SEC hearings. Trading bots were Ormeus Global’s original Ponzi scheme. Ormeus Global’s “B2x89” bot promised a return on investment of 160 percent. … (Ormeus Global’s) trading system was not a proven system and was still in development for months after Ormeus Global began selling subscription packages.
Because of this, Ormeus Global started using crypto mining, a common Ponzi scheme, as a way to raise funds. Defendants claimed that Ormeus Coin’s value would be supported by holding other digital assets that had been mined as part of the company’s digital asset mining business.”ORV,” or ” Ormeus Reserve Vault is a digital asset wallet that will hold 40% of the profits from digital asset mining to support the value of Ormeus Coin, making the Ormeus Global packages more appealing to investors.
While mining was done by Ormeus Global, it wasn’t nearly enough to support the Ponzi scheme. From February 2018 to January 2019, Ormeus Coin mined digital assets for just over a year. During that time, the total revenue generated by the operation was less than $3 million. Despite this, the defendants falsely claimed that the operation was bringing in $5.4 million to $8 million in revenue each month at various points. Defendants falsely claimed that Ormeus Coin had digital asset mining equipment worth $30 million, $35 million, and $250 million, when in reality, it had less than $1 million in operational equipment. The defendants had difficulty keeping their equipment running and breaking even.
Affiliates of Ormeus Global were told that mining proceeds “would be used to purchase additional digital asset mining equipment and technology.” That never happened. When Ormeus Global finished its mining operation, the company was in the red. Between March 5 and June 1, 2018, the value of a bitcoin fell by 35%, from $11,600 to $7,500. As of May 19th, 2018, the company hosting the digital asset mining equipment in Utah sent an email to the defendants detailing the operation’s mining revenue, expenses, and profits. ” Ormeus Coin generated less than $9,000 in revenue from the mining of digital assets over the preceding 42 days.
In light of the ongoing decline in the value of bitcoin, Ormeus Coin shut down its mining operations in New York and Utah on or around June 1, 2018. To date, there have been no public disclosures from the defendants or Ormeus Coin regarding the company’s mining success.
When Ormeus Coin’s mining equipment in Utah was reactivated on or around November 12, 2018. Ormeus Coin’s mining equipment suffered losses of about $115,000 between November 12th, 2018 and January 12th, 2019. Since January 2019, Ormeus Coin has been storing all of its unused mining equipment in Utah.
Investors were never made aware of any of this. Four months after the mining equipment was shut down, a whitepaper published by Ormeus Global stated that the company was confident in its findings. It is one of the largest digital asset mining operations in the world, with operations in North America. On ORV’s website, the Barksdales claimed to have a bitcoin wallet balance. An “unrelated third party” owned this wallet, which had no connection to Ormeus Global. ORV’s website shows a balance of over $190 million as of November 2021.
There were only a few thousand dollars’ worth of assets in the actual ORV digital asset wallets. In December 2021, the Barksdales learned of the SEC’s investigation into them and shut down their account on ORV’s website. A “roadshow” event held in Hong Kong in November 2017 was another deceptive marketing ploy. A $250 million mining equipment contract was signed by John Barksdale at the event.
A purchase was never made as a result of the contract’s non-binding nature. MLM Ponzi schemes are known for using wash trading to inflate the value of their products. Ormeus employees and officers were told by John Barksdale that he had a plan to increase the value of the Ormeus coin to $1 by buying and selling it. With the help of his sister, he was able to fulfill his promise.
Ormeus Coin was bought and sold directly from and to each other by the defendants and those they controlled at Ormeus Global during the days leading up to the Hong Kong roadshow. During the roadshow, Ormeus Coin reached a high of $5.30 on November 19, 2017. Ormeus Global sold $5.7 million worth of subscription packages during the week of the roadshow—more than double the sales of any prior week. Preceding a number of Ormeus Global events held across Europe in 2018, ORME wash trading was once again utilized.
Ormeus Cash (OMC) and the Ormeus Ecosystem would be added to the Ponzi scheme over time (ECO). In our 2018 IQ Chain review, we discussed OMC’s introduction. As a part of Ormeus Global, the Ormeus Ecosystem was the final product. In our recent review of KIWISmart, it was mentioned. Ex-Ormeus Global executives have launched KIWISmart, a cloned Ponzi scheme.
The Barksdales are accused by the SEC of soliciting $124 million from more than 20,000 Ormeus Global investors between 2017 and 2021. As an additional bonus to the Ponzi scheme payouts, multi-million dollar investor funds have gone to the defendants’ personal expenses like travel and real estate purchases.
The SEC has filed a lawsuit alleging three types of violations of the Securities and Exchange Act, all of which are grounds for relief. A permanent injunction is also sought, along with prejudgment interest, in addition to a civil penalty.
We’ll keep you updated as we keep an eye on the situation. The Ormeus Global SEC case is now available on Pacer as of March 9th, 2022.
Meta Utopia- Crook Review
A few days ago, we put out its review of Meta Utopia.
“Metaverse” MLM crypto Ponzi scheme that isn’t very interesting on its own.
As part of our research, we found a link between Nicholas Coppola and the man who started the Ponzi scheme.
Or rather, he did it through an Instagram story that has since been deleted:
Coppola wasn’t happy about being linked to Meta Utopia in public, it turns out. He only wants to hide the fact that he is a crypto-bro Ponzi scammer.
Today, Nicholas Coppola joins the DMCA Wall of Shame.
Over the past 24 hours, “Dincer Odabasi” from “Copyright Support” has sent us two emails. Nicholas Coppola’s emails were sent on his behalf.
Copyright Support says on its poorly made website that it will
Negative or damaging news that can be found on the Internet and in Google search results should be taken down for good.
In his first email, Odabasi tries to pull the old “right to be forgotten” scam.
Because of the right to be forgotten and because of the privacy clause, we want the content to be blocked.
We tried to get in touch with the website that posted the content, but we didn’t hear back. So, we give you the content and ask you to turn it off.
As everyone knows, according to the first paragraph of Article 9 of Law No. 5651 on the Regulation of Broadcasts Made on the Internet and Combating Crimes Committed Through These Broadcasts, if they can’t get to it, they can send a warning to the hosting provider and ask that the content be taken down.
Again, the second paragraph of the same article says that “the content and/or hosting provider must respond to requests from people who say their personal rights have been violated by the content of an online broadcast within twenty-four hours at the latest.”
We want the case that was filed on our behalf to be taken care of. Because of the European right to be forgotten and the privacy of private life, we have the right to limit access to content.
Please note that we’re asking you to take down the content because we’ve tried to reach the owner but haven’t heard back. That’s why we want and need you to take it down.”
This is a form letter that con artists send out. I know that because Odabasi put the same notice to Amazon from another email about a different website and client (ruhroh GDPR fail) into the body of the email he sent me.
In any case, the “Right to be Forgotten” law in Europe is used by scammers to hide their pasts, no matter how good the lawmakers’ intentions may have been at first.
The Right to be Forgotten is not part of EU law, so we don’t recognise it. Also, it takes four days from the date of publication until a right-to-be-forgotten takedown notice is sent.
Odabasi went on to say that Turkish law had something to do with the US, which was not true.
Due to the Right to be Forgotten and the USA Legal Content Removal Request Pursuant to Law No. 5651, we can’t take down the content we told you about because it’s in the Constitution.
“The Right to be Forgotten and the USA Legal Content Removal Request” is not a thing, even if that sentence makes no sense. It’s not true at all.
Turkey passed Law No. 5651 in the year 2020. It only happens in Turkey and has nothing to do with the United States.
Odabasi sent another email a few hours after the first one. This time, he threatened to take action because of copyright issues.
“We want you to remove any content that reveals personal information about our representative.
If you don’t get rid of the news content, we will file a copyright claim with your hosting company, Google.
I’d like you to put the story away, please.
TEAM OF SUPPORT FOR COPYRIGHT”
As our Policy says, we often use “third-party logos and images,” which is allowed by US copyright law through “fair use.”
We don’t need permission from the people who own the rights to the images we use in our MLM news and reviews. Period.
The DMCA takedown process is being abused when fair use isn’t taken into account and a fake DMCA is filed. Not only will it not work, but the person who submitted it is lying.
Even though it’s clear that Copyright Support doesn’t care about the law, it’s still important to point out their hypocrisy.
Scam businesses like Copyright Support depend on the fact that the publisher or service provider they are after doesn’t know what they are doing.
Nicholas Coppola has publicly linked himself to Meta Utopia and is involved enough to be close to the Ponzi scheme’s founder, who has not yet been named.
It is not against any US law to publish this information with proof attached.
Update, July 2, 2022: Dincer Odabasi is now committing twice as much DMCA fraud as he was before.
Odabasi sent Google a “court order” on June 28 that says the same thing: “It’s against the law to search for scammers!” Stupid, but it also says this:
Based on the privacy clause of private life and the court document we will send you, we want the content to be taken down from publication and blocked from access.”
Odabasi is saying that a Turkish law is a “court document” that keeps scammers from telling the rest of the world. Oh dear.
Laetitude- Crook Review
Investors such as Laetitutde and Swapoo are circumspect on issues affecting investor wallets and active investments.
According to a Latitude News report dated August 13th, You have gotten one or two emails from Swapoo in the past several days, which also affects our Laetitude members.
Due to the continued strong relationship between Swapoo and Laetitude, we can guarantee that these changes will not affect your Laetitude accounts. Latitude will continue to operate as usual.
The alterations made by Swapoo will have an effect on the wallet and the bots. However, we are aware that wherever there are obstacles and closed doors, new doors will emerge to provide opportunities for greater success.
Swapoo is merely adjusting to the ever-changing regulatory environment and market situations.
The details of the e-mails sent are kept confidential. I have not encountered any examples in nature.
Regarding “evolving regulatory landscapes,” Laetitude is a Ponzi scheme operated by Swapoo.
David El Dib operates Laetitude from Dubai, the center of MLM fraud. Swapoo is run by Dave Martin, who is from the Philippines.El Dib and Martin have both established themselves on the BitClub Network.
The investigation by the Department of Justice found BitClub Network to be a $722 million Ponzi scheme. The founders of BitClub Network were arrested in 2019.
El Dib and Martin commit securities fraud and operate their own Ponzi scheme through Laetitude and Swapoo. The regulation of securities is not novel. For decades, every nation with a financial market has regulated securities fraud.
The Ponzi fraud announced a remedy for lost Swapoo wallets in a follow-up “Laetitude News” post dated August 26;
As you are likely aware, Laetitude no longer utilizes Swapoo for secure wallet services. As a result, we have recently implemented the ability to fund, purchase, and withdraw directly within Laetitude.
In light of this, we would like to encourage you to login and withdraw your balance as soon as possible, and to continue withdrawing your balance as your compensation earnings increase.
Laetitude lacks the two-factor authentication security offered by Swapoo, so it is essential that you protect your account with a formidable password. Again, what is occurring behind the scenes is kept secret.
The only clue I could locate was a query posted two weeks ago on Swapoo’s most recent Instagram post.
Swapoo has not published any new social media updates since July 30. This date also marked the last Facebook update posted by Laetitude.
The lack of visitors to both Laetitude and Swapoo suggests that the Ponzi scheme is running out of money to pay investment withdrawals.
The Philippine Securities and Exchange Commission is one of the most active securities regulators worldwide.
It is unclear whether they have anything to do with Swapoo’s issues.
Whatever else is occurring, it is rare for wallets to be abruptly shut off and placed up as unsecured in-house assets.
Keep up to date on any future developments.
GSPartners- Crook Review
GSPartners has dropped its claim of harassment against Chris Saunders. Saunders is the owner and operator of the YouTube channel Grit Grind Gold, which he uses to critique and report on the GSPartners Ponzi scheme.
In late January 2021, Saunders was sued for harassment by owner Josip Heit and promoters Michael Dalcoe and Antonio (Tony) Euclides Menesis De Gouveia.
Heit and the GSPartners Plaintiffs alleged that Sunders’ videos about the Ponzi scheme were defamatory.
Additionally, Heit took offense when Saunders pointed out his position in Karatbars International’s collapsed KBC Ponzi scheme.
GSB Gold Standard Corporation AG, Josip Heit, Michael Dalcoe, and Tony De Gouveia submitted a dismissal stipulation on July 29.
Christopher Saunders, the defendant, executed a declaration in connection with the aforementioned case on July 29, 2022.
Plaintiffs GSB Gold Standard Corporation AG, Josip Heit, Antonio Euclides Menesis De Gouveia, and Michael Dalcoe, by counsel and with the signature and agreement of counsel for Defendant Christopher Saunders, stipulate to the dismissal without prejudice of all claims in this matter pursuant to the Saunders’ Declaration.
The aforementioned stipulation from Saunders proves that he was granted permission.
Mr. Ovidu Toma in relation to the Plaintiffs’ assertions and declarations. Since January 2020, Mr. Ovidu Toma has provided me with evidence of Mr. Harald Seiz’s alleged involvement in Karatbars’ wrongful conduct.
“Ovidu Toma” refers to Ovidiu Toma, the former Chief Technology Officer of Karatbars International.
Today, Toma serves as the CEO of CryptoData. Romania-based CryptoData sells encryption hardware.
To return to Saunder’s assertion: I was aware, based on first-hand knowledge of facts and documents, that any alleged wrongdoing committed by Karatbars in relation to its Miami crypto bank and the issuance of KBC/KBC tokens was committed by Karatbars’ CEO, Mr. Harald Seiz, and that said wrongdoing was committed prior to any affiliation between Karatbars and GSB/Mr. Heit.
This is an odd concession to provide. Heit was the public face of Karatbars’ initial excursion into crypto-asset fraud. In an April 2019 interview, Seiz is referred to as a “major investor and board member” of Karatbars International. In Dubai, Karatbars was selling a “blockchain phone” at the time. When challenged about his remarks on the occasion, he responded, and I quote, ” You mentioned the KBC coin.
You stated that it is probable that it is one kilogram of gold. Is this truly a possibility? Heit reacted. Yes, of course it’s feasible. Nobody believes that many individuals perceive, at the appropriate moment, that they can join us.
We currently have a market valuation of approximately $300 million as of the previous week or two weeks. And now there are about a billion of us.
Is it not yet understood?
And when the mainnet is implemented, which will occur very soon, within a few months we will have a market capitalization of over $200 billion. After months of Heit and Seiz promoting Karatbars’ KBC, the KBC Ponzi coin dropped 62% following the hype event on July 4, 2019.
Heit, not Harald Seiz, was sent to address and explain the collapse to irate investors. KBC continued to leak throughout the subsequent months until it was eventually abandoned.
Heit had cashed out, left Karatbars, and launched his own Ponzi offshoot, GSPartners, before the end of 2019. The GSPartners Ponzi coins have performed no better than those of KBC.
G999 is supported by wash trading, which I believe is steadily depleting GSPartners’ second Ponzi scheme, LYS. G999 is being washed at approximately 0.002413. At $66.78, LYS continues to drain.
GEUR was launched earlier this month as a result of the continuous failure of G999 and LYS to take off. GSPartners and Heit symbolize the euro-pegged GEUR currency. It is thought that GEUR was developed because GSPartners investors no longer desired to hold G999 and LYS.
GEUR does not exist outside of GSPartners as of the publication date. GSPartners uses GEUR to support its most recent 300% ROI Ponzi scheme, metaverse certificates.
In the event that GSPartners and Saunders achieved a settlement, it has not been made public. Other than wrongly saying that Heit was not involved in the Karatbars KBC scam, Saunders has not recanted any of his GSPartners-related statements.
The court authorized the GSPartners plaintiff’s Stipulation of Dismissal on August 2nd. This concludes GSPartner’s harassment lawsuit against Saunders.
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