The post OmegaPro Operators Charged Over $650 Million Investment Scam appeared on BitcoinEthereumNews.com.

Under the electronic board showing the Nikkei index and the US-Japan exchange rate, currency dealers … More wait for their clients’ orders at Ueda Harlow, a foreign exchange trading company in Tokyo Tuesday, Jan. 12, 2016. (AP Photo/Shuji Kajiyama) Associated Press Many people are probably not familiar with forex trading. Forex trading is the name of the very speculative investment of trading foreign currencies. Forex traders base their investments on expected price movements of currencies, economic indicators, the political climate and technical analysis. It is not for the faint hearted. The forex market is the largest financial market in the world with more than $7.5 trillion traded daily It is not an investment for inexperienced investors and while it certainly is legal, there have been many investment scams involving forex trading. Recently, Michael Shannon Sims and Juan Carlos Reynoso were charged with wire fraud and money laundering related to the activities of their company OmegaPro. According to the indictment, Sims and Reynoso operated OmegaPro between 2019 and 2023 posing as a legitimate investment platform in which they promised their investors returns of up to 300% in 16 months through elite forex trading. Ultimately, according to the Justice Department, Sims and Reynoso swindled their victims out of more than 650 million dollars. The indictment indicates alleges Sims and Reynoso lured their victims into investing with them by hosting lavish promotional events throughout the world, including projecting their OmegaPro logo on to the Burj Khalifa, the tallest building in the world during a promotional event in Dubai. Sims and Reynoso also projected a wildly successful lifestyle on social media displaying expensive vacations, cars, designer clothes and watches to convince potential investors of their credibility. The unfortunate truth is that no trading actually occurred. Rather, OmegaPro operated as a Ponzi scheme paying off…

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Filed under: News - @ July 20, 2025 5:23 pm