OmegaPro Founders Charged Over $650 Million Crypto ‘Global Fraud Scheme’
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In brief Federal prosecutors have charged two OmegaPro executives with running a $650 million crypto scam masked as a forex investment platform. The pair allegedly used lavish events and false promises of 300% returns to lure investors worldwide, then froze withdrawals in late 2022. The DOJ’s case follows a wider crackdown, including last month’s sentencing of Gotbit’s founder for inflating token volumes through wash trading. Federal prosecutors in the U.S. have charged two men with orchestrating one of the largest crypto investment scams in recent history. Michael Shannon Sims, 48, and Juan Carlos Reynoso, 57, were indicted in the District of Puerto Rico for conspiracy to commit wire fraud and conspiracy to commit money laundering, according to the U.S. Department of Justice statement released Tuesday. The pair are accused of defrauding thousands of victims worldwide of over $650 million through OmegaPro, which prosecutors described as a “global fraud scheme” disguised as a legitimate forex and crypto trading platform. According to prosecutors, Sims and Reynoso established the OmegaPro multi-level marketing scheme in January 2019, instructing investors to purchase “investment packages” using virtual currency with promises that elite traders would generate massive profits through forex trading. Prosecutors say the pair, along with others, lured thousands of victims with promises of triple-digit returns, only to siphon funds into crypto wallets they controlled. They then distributed to insiders and high-ranking promoters to obscure the funds’ origins, with both defendants allegedly profiting millions from the scheme. “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,” said Matthew R. Galeotti, head of the DOJ’s Criminal Division. Sims served as OmegaPro’s founder and strategic consultant, while Reynoso led operations across Latin America and parts…
Filed under: News - @ July 9, 2025 7:21 pm