Two individuals connected to OmegaPro have been charged in a fraudulent scheme that led to losses exceeding $650 million among investors. The charges are prepared by the U.S. Department of Justice and relate to their roles in a multilevel marketing plan.
Charges Against OmegaPro Founders
The U.S. Department of Justice has unsealed an indictment in Puerto Rico against Michael Shannon Sims and Juan Carlos Reynoso. The former is identified as a founder and promoter of OmegaPro, while the latter allegedly led the company's operations in Latin America. Both are accused of orchestrating a multilevel fraud scheme from 2019 to 2023.
Fraudulent Activities and Schemes
According to the DOJ, OmegaPro targeted vulnerable individuals in the U.S. and abroad, urging them to purchase investment packages promising returns of up to 300% in 16 months through supposed forex trading. Promotional events were held globally, including projecting the company's logo on Dubai’s Burj Khalifa. Sims and Reynoso flaunted a lavish lifestyle on social media, reinforcing OmegaPro's image as a legitimate path to wealth.
Current Threats in Crypto Investment
In January 2023, OmegaPro claimed it suffered a network hack and transferred client funds to a new platform, Broker Group. Prosecutors allege investors were unable to access their funds on either platform as the money was laundered through crypto wallets controlled by insiders. Both accused face potential maximum penalties of 20 years in prison for wire fraud and money laundering conspiracy.
The OmegaPro case highlights the risks investors face within the cryptocurrency sector, where high-yield promises and aggressive marketing may conceal fraudulent operations.
