OmegaPro Founder and Co-Conspirator Charged by U.S. DOJ in $650M Ponzi Scheme
2025-07-09 06:05:58
Main Idea
The U.S. Department of Justice (DOJ) has charged Michael Shannon Sims and Juan Carlos Reynoso for their involvement in the OmegaPro Ponzi scheme, which defrauded investors of over $650 million by promising unrealistic returns.
Key Points
1. Michael Shannon Sims and Juan Carlos Reynoso were charged with conspiracy to commit wire fraud and money laundering in connection with the OmegaPro Ponzi scheme.
2. OmegaPro promised investors a 300% return in 16 months through foreign exchange trading, but the scheme collapsed in 2022.
3. The DOJ alleges that the defendants preyed on vulnerable individuals in the U.S. and abroad, defrauding them of over $650 million.
4. OmegaPro was established in early 2019 by Sims and others, and one of its co-founders, Andreas Szakacs, was arrested in Turkey in 2024.
Description
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, ...
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