OmegaPro Founder Indicted by U.S. Department of Justice for $650 million Crypto Fraud

On July 9 (UTC+8), the U.S. Department of Justice charged OmegaPro founder Michael Shannon Sims and regional head Juan Carlos Reynoso with conducting investment fraud through false advertising and multi-level marketing since 2019, raising over $650.0 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 transferred in a decentralized manner. The two are charged with conspiracy to commit wire fraud and money laundering, and each could face a maximum sentence of 20 years in prison. (Source: Mlion.ai) [MetaEra]