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.
smartTrade to Buy BGC’s Analytics Unit kACE in $119M Deal to Build Unified Platform
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans
Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Fail Better Trading Tech to Tackle Industry Risks
Fail Better Trading Tech to Tackle Industry Risks
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
