The U.S. Department of Justice (DOJ) has charged two individuals for their role in OmegaPro, a crypto and investment ponzi scheme which defrauded investors of over $650 million.
Michael Shannon Sims, a founder and promoter of OmegaPro, and Juan Carlos Reynoso, who led OmegaPro’s operations in Latin America and some parts of the U.S., were charged on conspiracy to commit wire fraud and money laundering, according to documents published on Tuesday.
OmegaPro was an international investment scheme, which collapsed in 2022. In 2024, Andreas Szakacs, the co-founder of the scheme, was arrested in Turkey in his involvement with OmegaPro.
“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.
OmegaPro was established in early 2019, by Sims and others. According to the document, the defendants and others promised investors 300% return over 16 months through foreign exchange trading. Investors were instructed to purchase these investment packages using crypto.
Read more: OmegaPro Co-Founder Arrested in Turkey on Suspicion of $4B Ponzi Scheme: Report
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