The US Department of Justice has taken action against two individuals involved in OmegaPro, a cryptocurrency and investment scheme that resulted in losses of over $650 million for investors. The scheme's founder, Michael Shannon Sims, and Juan Carlos Reynoso, who oversaw OmegaPro's operations in Latin America and parts of the US, face charges of conspiracy to commit wire fraud and money laundering. OmegaPro, which collapsed in 2022, promised investors substantial returns through foreign exchange trading, with investments made using cryptocurrency. The Justice Department alleges that the defendants deceived vulnerable individuals in the US and abroad with false promises of high returns and the safety of their investments.
The founder and others initially established OmegaPro in 2019, promising investors a 300% return over 16 months. This development follows the arrest of co-founder Andreas Szakacs in Turkey in 2024.