The U.S. Department of Justice unsealed an indictment in the District of Puerto Rico charging Michael Shannon Sims and Juan Carlos Reynoso for their alleged roles in operating and promoting OmegaPro, an international investment scheme that allegedly defrauded investors of more than USD 650 million. Both men are charged with conspiracy to commit wire fraud and conspiracy to commit money laundering. According to the indictment, OmegaPro was established in January 2019 and promoted as a multi-level marketing scheme in which investors bought “investment packages” using virtual currency, based on allegedly false promises of 300% returns over 16 months from foreign exchange trading. Sims allegedly vouched for OmegaPro’s trading performance and the safety of investor funds, while Reynoso allegedly misrepresented that OmegaPro held a legitimate license or was not subject to any country’s legal rules. After OmegaPro announced a network hack, victims were told around January 2023 that investments were secure and being transferred to a platform called Broker Group, but victims allegedly could not withdraw funds from either platform. The indictment also alleges victim funds were routed through virtual currency wallets controlled by OmegaPro executives and then moved to insiders and promoters to disperse funds and obscure their origins, with both defendants allegedly profiting millions. If convicted, each defendant faces a maximum penalty of 20 years in prison on each count. The case is being investigated by the Federal Bureau of Investigation, IRS Criminal Investigation, and U.S. Immigration and Customs Enforcement Homeland Security Investigations with international law enforcement assistance; the indictment remains an allegation and the defendants are presumed innocent unless proven guilty.

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