The US has charged two men, Michael Shannon Sims and Juan Carlos Reynoso, in connection with a cryptocurrency fraud scheme called OmegaPro, which allegedly defrauded investors of over $650 million. According to the Department of Justice (DOJ), the scheme operated between 2019 and 2023, promising investors returns of 300% through foreign exchange trading by so-called 'elite traders'. The DOJ claims that Sims and Reynoso used deceptive marketing tactics and hosted lavish promotional events, including projecting the company's logo on the Burj Khalifa, to entice potential investors. They instructed participants to purchase 'investment packages' using cryptocurrency. Both men face charges of wire fraud conspiracy and money laundering conspiracy, each carrying a maximum penalty of 20 years in prison. The indictment also highlights previous allegations against OmegaPro co-founder Andreas Szakacs, who was accused of defrauding investors of $4 billion, which he denies.

Source 🔗