Two OmegaPro Executives Indicted for Operating $650 Million Forex and Cryptocurrency Investment Scam

On July 9, according to the U.S. Department of Justice, OmegaPro founder Michael Shannon Sims and Latin American operations leader Juan Carlos Reynoso were indicted for allegedly operating an international investment scam worth over $650,000,000. The scam began operating in early 2019, with the two defendants falsely promising investors a 300% return in 16 months through foreign exchange trading. Investors were required to use virtual currency to purchase "investment packages." In January 2023, after OmegaPro claimed its network was hacked, victims were unable to withdraw funds from the platform or the Broker Group platform to which it claimed to have transferred funds, resulting in millions of dollars in losses. Investigations revealed that the defrauded funds were transferred to new wallets and then dispersed to conceal the source of the funds. The two defendants each face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering, each carrying a maximum sentence of 20 years in prison. [Deep Tide TechFlow]