Two men who ran OmegaPro have been charged with defrauding investors by promising 300% returns on FX trades.
Defendants used social media wealth displays to lure thousands of victims worldwide before pocketing millions for themselves.
The U.S. Federal
prosecutors have charged two men with running a massive international
investment fraud that bilked victims out of more than $650 million through a
fake cryptocurrency and foreign exchange trading platform called OmegaPro.
Two Men Charged in $650
Million OmegaPro Cryptocurrency Fraud Scheme
Michael
Shannon Sims, 48, and Juan Carlos Reynoso, 57, face wire fraud and money
laundering conspiracy charges in Puerto Rico federal court. Prosecutors say the
pair operated OmegaPro as a multi-level marketing scheme that promised
investors 300% returns over 16 months through supposed “elite forex traders.”
The Justice
Department unsealed the indictment Tuesday, revealing how the defendants
allegedly used lavish promotional events and social media displays of wealth to
lure thousands of victims worldwide. At one point, they projected the OmegaPro
logo onto Dubai's Burj Khalifa, the world's tallest building, to promote their
scheme.
Matthew R. Galeotti, head of the Justice Department'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,” said Matthew R.
Galeotti, head of the Justice Department's Criminal Division.
Sims
founded OmegaPro in January 2019, with Reynoso joining a few months later to
oversee Latin American operations. Investors bought “investment
packages” using cryptocurrency, believing their money would be traded by
professional forex traders.
Instead,
prosecutors say the money went straight into virtual currency wallets
controlled by OmegaPro executives. The funds were then distributed to insiders
and promoters to hide where the money came from, while Sims and Reynoso
pocketed millions for themselves.
The
defendants allegedly misled victims about OmegaPro's legitimacy. Sims vouched
for the platform's trading performance and safety, while Reynoso falsely
claimed the company operated under proper licenses or wasn't subject to any
country's regulations.
When
OmegaPro announced a supposed network hack, Reynoso told victims in January
2023 their investments were secure and being transferred to another platform
called Broker Group. Victims couldn't withdraw money from either platform,
resulting in total losses.
The case
involved multiple federal agencies and international partners. The FBI, IRS
Criminal Investigation, and Homeland Security Investigations worked with law
enforcement in Colombia, Thailand, Germany, Turkey, the United Kingdom, the
Netherlands, and India.
“OmegaPro
promised financial freedom but delivered financial ruin—stealing over $650
million from everyday people and vanishing it into virtual currency,” said
IRS-CI Chief Guy Ficco. “These weren't just scams; they were
precision-engineered betrayals.”
Both
defendants face up to 20 years in prison on each count if convicted. The FBI
has set up a victim reporting website for anyone who believes they were
defrauded by OmegaPro.
The Department of Justice is increasingly dealing with similar cases. One example is a February news report about two Estonian nationals who pleaded guilty to a $577 million investment Ponzi scheme, which carries a potential sentence of up to 20 years in prison.
The U.S. Federal
prosecutors have charged two men with running a massive international
investment fraud that bilked victims out of more than $650 million through a
fake cryptocurrency and foreign exchange trading platform called OmegaPro.
Two Men Charged in $650
Million OmegaPro Cryptocurrency Fraud Scheme
Michael
Shannon Sims, 48, and Juan Carlos Reynoso, 57, face wire fraud and money
laundering conspiracy charges in Puerto Rico federal court. Prosecutors say the
pair operated OmegaPro as a multi-level marketing scheme that promised
investors 300% returns over 16 months through supposed “elite forex traders.”
The Justice
Department unsealed the indictment Tuesday, revealing how the defendants
allegedly used lavish promotional events and social media displays of wealth to
lure thousands of victims worldwide. At one point, they projected the OmegaPro
logo onto Dubai's Burj Khalifa, the world's tallest building, to promote their
scheme.
Matthew R. Galeotti, head of the Justice Department'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,” said Matthew R.
Galeotti, head of the Justice Department's Criminal Division.
Sims
founded OmegaPro in January 2019, with Reynoso joining a few months later to
oversee Latin American operations. Investors bought “investment
packages” using cryptocurrency, believing their money would be traded by
professional forex traders.
Instead,
prosecutors say the money went straight into virtual currency wallets
controlled by OmegaPro executives. The funds were then distributed to insiders
and promoters to hide where the money came from, while Sims and Reynoso
pocketed millions for themselves.
The
defendants allegedly misled victims about OmegaPro's legitimacy. Sims vouched
for the platform's trading performance and safety, while Reynoso falsely
claimed the company operated under proper licenses or wasn't subject to any
country's regulations.
When
OmegaPro announced a supposed network hack, Reynoso told victims in January
2023 their investments were secure and being transferred to another platform
called Broker Group. Victims couldn't withdraw money from either platform,
resulting in total losses.
The case
involved multiple federal agencies and international partners. The FBI, IRS
Criminal Investigation, and Homeland Security Investigations worked with law
enforcement in Colombia, Thailand, Germany, Turkey, the United Kingdom, the
Netherlands, and India.
“OmegaPro
promised financial freedom but delivered financial ruin—stealing over $650
million from everyday people and vanishing it into virtual currency,” said
IRS-CI Chief Guy Ficco. “These weren't just scams; they were
precision-engineered betrayals.”
Both
defendants face up to 20 years in prison on each count if convicted. The FBI
has set up a victim reporting website for anyone who believes they were
defrauded by OmegaPro.
The Department of Justice is increasingly dealing with similar cases. One example is a February news report about two Estonian nationals who pleaded guilty to a $577 million investment Ponzi scheme, which carries a potential sentence of up to 20 years in prison.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
