The U.S. Department of Justice has charged Michael Shannon Sims, a founder of OmegaPro, and Juan Carlos Reynoso, who led operations in Latin America and parts of the U.S., with conspiracy to commit wire fraud and money laundering in connection with a $650 million Ponzi scheme. OmegaPro, which was established in 2019, promised investors unrealistic returns of 300% over 16 months through foreign exchange trading. Attorney Matthew R. Galeotti stated that the defendants exploited vulnerable individuals both in the U.S. and abroad. A co-founder of OmegaPro, Andreas Szakacs, was previously arrested in Turkey in 2024 for his involvement in the scheme, which ultimately collapsed in 2022. The charges reflect serious allegations of defrauding thousands of investors who were led to believe their funds were secure and would yield substantial returns.

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