According to PANews on July 9, the U.S. Department of Justice disclosed that Georgia resident Michael Shannon Sims (48) and New Jersey resident Juan Carlos Reynoso (57) have been indicted for allegedly operating the international fraud scheme OmegaPro, involving an amount of $650 million. The two men marketed 'forex investment packages' to investors through a multi-level marketing model, promising a 300% return within 16 months and requiring payment in cryptocurrency.
The indictment shows that the defendants created a luxurious image by showcasing luxury cars, vacation photos, and projecting the company logo on the Burj Khalifa in Dubai. They then froze investor withdrawals under the pretext of 'being hacked' and transferred the funds to a cryptocurrency wallet controlled by executives. Sims is the founder and promoter of OmegaPro, while Reynoso leads the company's operations in Latin America and the United States. The two defendants each face two conspiracy charges, with a maximum sentence of 20 years in prison for each charge if convicted.