Litigation Release Number Litigation Release Number:
Securities and Exchange Commission, et.al., No. 1:22-cv-01933 (LAK) (S.D.N.Y. The case was filed on March 8, 2022 (S.D.N.Y. 8, 2022)
The U.S. District Court of the Southern District of New York handed down a final judgement in the case of John and JonAtina Barksdale on March 15, 2023. The judgment contains permanent injunctions as well as disgorgement and interest.
The Securities and Exchange Commission had filed a lawsuit alleging that the Barksdales engaged in two fraudulent unregistered offerings of securities using a crypto-asset called “Ormeus Coin” From June 2017 until March 2022. The complaint stated that from June 2017 until April 2018, the Barksdales sold subscription packages with Ormeus Coin via a multilevel marketing company called Ormeus Global. John Barksdale advertised the offers through roadshows, while Tina Barksdale developed various promotional materials.
The SEC also claimed that the defendants had falsely claimed Ormeus Coin is backed by a crypto asset mining operation of global scale, even though they abandoned their mining operations after only generating $3 million worth of mining revenue in 2019. The SEC also accused defendants of falsely claiming Ormeus Coin had a $250-million mining operation that produced between $5.4 million and $8 million in revenue per month.
The final judgment was entered on the basis that the Barksdales were in default. It prohibits them from violating anti-fraud laws and from engaging in unregistered offerings of securities. The Barksdales were ordered to pay a disgorgement amounting to $46,297.463, plus prejudgment interests of $10,044,822. Each defendant was also ordered to pay civil penalties of $23,148.731.
Melissa Armstrong, Christopher Carney, and Matthew Reisig were in charge of the litigation. Reisig led the SEC’s probe that led to these actions, with Timothy England, Melissa Hodgman, and Melissa Hodgman as supervisors.
See also Release 2022-37 (8 March 2022).
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SEC: What You Need to Know
Securities and Exchange Commission is an American regulatory agency that supervises and enforces federal security laws. Its main mission is to protect and promote investors, ensure fair and efficient markets and encourage capital formation.
The SEC regulates securities, including stocks, bonds, funds and other investment products. The SEC requires that companies provide investors with accurate and timely information, which ensures transparency and prevents fraud. The SEC sets up rules for exchanges, brokerage firms and other market participants in order to promote fair trading.
The SEC is also responsible for enforcing the securities laws. The SEC investigates and prosecutes those involved in securities fraud and insider trading. The SEC can impose fines and penalties to protect investors and deter misconduct.
SEC’s primary objective is to protect investors’ rights, promote confidence in financial systems, and maintain integrity and stability on the securities markets.
More information can be found at
