U.S. authorities have charged two men linked to a cryptocurrency investment scheme that swindled thousands of investors of over $650 million.
Creation and Promises of OmegaPro
According to an indictment unsealed on Monday, co-founders Michael Shannon Sims and Juan Carlos Reynoso launched the fake investment platform, OmegaPro, in 2019. The platform promised investors returns of up to 300% in 16 months, claiming elite traders were generating profits through forex markets.
Fraudulent Scheme and Its Collapse
The funds were collected in crypto, moved through wallets controlled by insiders, and quietly paid out to top promoters. To make the project appear legitimate and attract new investors, Sims and Reynoso held flashy events across Latin America, Europe, and the U.S., promoting OmegaPro on social media with luxury cars and designer brands.
Legal Consequences for the Founders
Both men are now facing charges of wire fraud and money laundering, with a maximum sentence of 40 years in prison each if convicted. This case marks one of the largest crypto fraud indictments in recent years, as global financial authorities enhance their efforts to combat digital asset schemes.
The indictment against the founders of OmegaPro highlights the need for stricter oversight of cryptocurrency investment platforms as part of global efforts to combat such scams.
