Breaking News: OmegaPro Caught in a $650 Million Forex and Crypto Investment Scam

An indictment was leveled against two men in the District of Puerto Rico for their alleged involvement in the operation and promotion of OmegaPro, an international investment scheme that has led to financial losses worth over $650 million for investors.

If court documents have to be believed, Michael Shannon Sims, a Georgia and Florida-based 48-year individual, officiated as founder, promoter, and strategic consultant of OmegaPro, and Juan Carlos Reynoso, a New Jersey and Florida-based 57-year old individual, headed the Latin America and certain parts of the US operations (including Puerto Rico) for the company.

Head of Justice Gives Verdict Over $650 Million Forex and Crypto Investment Scam

According to the Head of Justice Departments Criminal Division, Matthew R. Galeotti, the two individuals targeted people in the US and other countries, with the overall scam amount surpassing $650 million. They promised false promises entailing substantial returns and capital safety, the justice added. The justice affirmed that the criminal division is determined to prosecute these individuals and ensure justice for many of their victims. He thanked multiagency and law enforcement partners for their commitment to fighting these complex and insidious financial scams.

More Words from Court Officials Over a Global Fraud Scheme Promoted Through OmegaPro

US Attorney W. Stephen Muldrow for the Puerto Rico District said the defendants operated a fraud scheme worldwide through OmegaPro, deceiving investors with fake extraordinary return promises only to siphon hundreds of millions of investor funds. He asserted that the department is here to dismantle international financial schemes that victimize the people in the US, including those residing in Puerto Rico. The court is also committed to recovering illicit funds by prosecuting the defendants and forfeiting their assets.

Assistant Director of the FBI Criminal Investigative Division, Joe Perez, said that the FBI will not stand by when the people in the US are defrauded. These individuals will have to justify their actions in a court of law while coordinating with our partners.

Chief Guy Ficco of the IRS Criminal Investigation expressed concern that the case presents a dark picture of todays financial crime. OmegaPro, instead of living up to its promise of ensuring financial freedom, scammed investors for wealth exceeding $650 million. According to the official, these were beyond scams. They were betrayals executed with precision. The official said that the job now is to stand up for the defrauded investors and continue collaborating with agencies until justice is delivered to those responsible for this heinous financial crime.

How Did Sins and Others Commit This Forex Investment Scam?

Sims and his co-conspirators formed OmegaPro somewhere around January 2019 and welcomed Reynoso in April 2019. They promoted OmegaPro as a multi-level marketing scheme offering false promises of around 300% returns over 16 months through forex trading by elite traders. They told investors to purchase these schemes using virtual currency. The court documents alleged that Sims misled victims by exaggerating the trading performance and impressive skills of the hired traders. He falsely propagated investment safety through OmegaPro. Reynoso, on the other hand, allegedly misled by saying that OmegaPro‘s operations have become apparent owing to a legitimate license. Sometimes, he claimed that OmegaPro was not liable to follow any country’s legal rules.

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