Two men behind the flashy crypto investment platform OmegaPro are facing serious federal charges after allegedly defrauding investors of more than $650 million, according to the U.S. Department of Justice. The DOJ unsealed an indictment against Michael Shannon Sims and Juan Carlos Reynoso, accusing them of orchestrating a global multilevel marketing scheme between 2019 and 2023 that targeted investors with promises of outrageous returns.

Prosecutors claim OmegaPro lured victims with promises of 300% returns over 16 months, allegedly fueled by forex trading handled by so-called “elite traders.” Investors were instructed to purchase “investment packages” using cryptocurrency, making it nearly impossible to trace or recover funds. The company aggressively marketed itself with extravagant events, including a projection of the OmegaPro logo on Dubai’s Burj Khalifa. Social media was flooded with images of luxury cars, exotic vacations, and designer goods — all used to build trust and credibility among potential victims.

The DOJ claims the scam was masked further in 2023 when OmegaPro announced a supposed network hack and told users their assets were being transferred to another platform, Broker Group. However, investors were unable to withdraw any funds, and authorities allege that the crypto was funneled through insider wallets.

Both Sims and Reynoso are charged with wire fraud and money laundering conspiracies. If convicted, they each face up to 40 years in prison. Meanwhile, OmegaPro co-founder Andreas Szakacs was arrested in Turkey in 2024 for allegedly scamming investors out of $4 billion — claims he denies.

This case underscores the growing risks in crypto investment schemes, especially those promising unrealistic profits and using influencer-style marketing to lure victims.