The U.S. Division of Justice (DOJ) has charged two people for his or her function in OmegaPro, a crypto and funding ponzi scheme which defrauded traders of over $650 million.
Michael Shannon Sims, a founder and promoter of OmegaPro, and Juan Carlos Reynoso, who led OmegaPro’s operations in Latin America and a few components of the U.S., had been charged on conspiracy to commit wire fraud and cash laundering, in keeping with paperwork revealed on Tuesday.
OmegaPro was a global funding scheme, which collapsed in 2022. In 2024, Andreas Szakacs, the co-founder of the scheme, was arrested in Turkey in his involvement with OmegaPro.
“As alleged, the defendants preyed upon weak people within the U.S. and overseas, defrauding them of over $650 million by making false guarantees of considerable returns and that their cash was secure,” stated Matthew R. Galeotti, head of the justice division’s prison division.
OmegaPro was established in early 2019, by Sims and others. In accordance with the doc, the defendants and others promised traders 300% return over 16 months by way of international alternate buying and selling. Buyers had been instructed to buy these funding packages utilizing crypto.
Learn extra: OmegaPro Co-Founder Arrested in Turkey on Suspicion of $4B Ponzi Scheme: Report
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