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.
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📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
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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.
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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
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#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
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⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
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⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
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📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
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📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
