Federal prosecutors have charged Michael Shannon Sims and Juan Carlos Reynoso, founders of OmegaPro, with orchestrating a $650 million cryptocurrency scam disguised as a forex investment platform. The indictment, filed in Puerto Rico, accuses them of defrauding thousands by promoting an investment scheme with false promises of high returns, only to freeze withdrawals in late 2022. The duo allegedly used extravagant events and misleading advertising to attract investors, while siphoning funds into accounts they controlled. Despite assurances of security, victims reported being locked out of their accounts and unable to retrieve their investments. The scam began to collapse in November 2022, leading to multiple regulatory warnings from various countries. If convicted, Sims and Reynoso face up to 20 years in prison for each count of wire fraud and money laundering.

Source đź”—