Federal prosecutors have brought charges against two men accused of operating one of the largest international crypto and forex fraud schemes to date. The indictment alleges that Michael Shannon Sims and Juan Carlos Reynoso masterminded a complex scam through a company called OmegaPro, misleading investors around the world and siphoning over $650 million through deceptive promises and manipulative tactics.
Beginning in 2019, the operation promoted so-called “investment packages” that promised investors guaranteed returns of up to 300% within 16 months. The pitch relied heavily on a multi-level marketing structure, with participants encouraged to recruit others into the scheme. Entry into the program required payment in cryptocurrency, further obscuring the flow of funds.
To boost legitimacy, the accused hosted extravagant global events and shared images of luxurious lifestyles across social media. At one point, the OmegaPro logo was even projected onto Dubai’s Burj Khalifa, lending the illusion of prestige and global recognition. Promoters claimed that OmegaPro was properly licensed and operated within legal financial frameworks—assertions that prosecutors say were entirely false.
In late 2022, the platform abruptly announced a “network hack” and instructed users to transfer their holdings to a new entity called Broker Group. However, once funds were moved, investors found they could no longer access their accounts or withdraw their money. The sudden shift signaled what authorities now describe as an exit strategy designed to trap remaining funds before the scheme collapsed.
According to the charges, hundreds of millions in digital assets were funneled through wallets controlled by the operators and dispersed to insiders to mask the money trail. Funds were not used for investment purposes, but instead were distributed among the top tiers of the organization and spent on personal luxuries.
The Department of Justice has charged both Sims and Reynoso with conspiracy to commit wire fraud and money laundering. Each charge carries potential prison sentences of up to 20 years. Law enforcement agencies say the case is the result of a multi-agency, international investigation that spanned several years and involved coordinated efforts across multiple jurisdictions.
Authorities describe OmegaPro as a highly engineered fraud that targeted people’s trust and financial hopes under the guise of innovation and opportunity. The case serves as a warning to investors worldwide to be cautious of platforms promising unusually high returns—particularly those requiring payment in cryptocurrency and relying on aggressive referral-based growth.
As the defendants await trial, investigators continue efforts to identify additional victims and recover stolen assets. The case is being closely watched as a test of law enforcement’s ability to dismantle global fraud rings in the increasingly complex and fast-moving world of digital finance.
