The U.S. Department of Justice has charged two individuals involved in OmegaPro, a fraudulent crypto investment scheme that defrauded investors of over $650 million.
Michael Shannon Sims, one of the founders and promoters of OmegaPro, and Juan Carlos Reynoso, who directed OmegaPro’s operations in Latin America and regions of the United States, face charges of conspiracy to commit wire fraud and money laundering, as reported in documents released on Tuesday.
Key Points:
- The Ponzi scheme initiated in 2019 by Sims and others promised an extraordinary 300% return over 16 months through forex trading.
- In 2024, one of the co-founders was detained in Turkey for his role in the scheme.
As stated by Matthew R. Galeotti, head of the DOJ’s criminal division: “As alleged, the defendants preyed upon vulnerable individuals in the U.S. and abroad, defrauding them of over $650 million by making false promises of substantial returns and that their money was safe.”
OmegaPro collapsed in 2022 and is noted for its promises that led many unsuspecting investors to trust in false assurances regarding the safety of their investments. For further reading, click here for the related arrest report.
