Two OmegaPro Executives Charged with Operating $650 Million Crypto Investment Scam

The U.S. Department of Justice has accused OmegaPro founder Michael Shannon Sims and regional head Juan Carlos Reynoso of conducting investment fraud through false advertising and multi-level marketing since 2019, raising over $650 million in cryptocurrency. In 2023, the company claimed that its system was hacked and funds were transferred to a platform called Broker Group, but investors were unable to withdraw funds, and the funds eventually flowed into wallets controlled by executives and were dispersed. The two are charged with conspiracy to commit wire fraud and money laundering, and each could face a maximum of 20 years in prison. [Wu Shuo]