The U.S. Department of Justice (DOJ) has charged Michael Shannon Sims, a founder and promoter of OmegaPro, and Juan Carlos Reynoso, who led operations in Latin America and parts of the U.S., in connection with a $650 million Ponzi scheme. The indictment, unsealed in the District of Puerto Rico on July 9, 2025, accuses the duo of conspiracy to commit wire fraud and money laundering. OmegaPro, a Dubai-based crypto and forex investment platform established in 2019, allegedly defrauded thousands of investors by promising 300% returns over 16 months through "elite traders." Instead, it operated as a pyramid scheme, using new investor funds to pay earlier ones. The scheme collapsed in 2022, and in January 2023, the defendants claimed a network hack, falsely stating funds were transferred to a new platform, Broker Group, from which investors could not withdraw. Both face up to 20 years in prison per charge. Additionally, co-founder Andreas Szakacs was arrested in Turkey in July 2024 for related allegations involving a $4 billion fraud

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