OmegaPro Leaders Charged in $650 Million Investment Fraud Scam

Michael Shannon Sims and Juan Carlos Reynoso were indicted for their roles in operating and promoting OmegaPro, an international investment scheme that defrauded victim investors of over $650 million, the Justice Department announced Tuesday.

According to the DOJ, Sims and Reynoso established OmegaPro in 2019 as a multi-level marketing scheme falsely promising 300% returns through foreign exchange trading by elite traders. They hosted lavish promotional events worldwide and used social media to misleadingly portray OmegaPro as a legitimate path to wealth. After raising over $650 million from thousands of investors, OmegaPro claimed it had suffered a network hack and ...