WASHINGTON
An indictment unsealed Tuesday in Puerto Rico charges Michael Shannon Sims, 48, and Juan Carlos Reynoso, 57, for their roles in operating OmegaPro, an international investment fraud scheme that stole over $650 million from victims.
Sims, of Georgia and Florida, served as a founder and promoter of OmegaPro. Reynoso, based in New Jersey and Florida, operated in Latin America and parts of the U.S., including Puerto Rico.
“This case highlights the critical role international partnerships play in dismantling transnational financial fraud schemes that exploit global markets and victimize unsuspecting investors,” said International Operations Assistant Director Ricardo Mayoral of U.S. Immigration and Customs Enforcement, Homeland Security Investigations (HSI). “HSI remains committed to working with our partners worldwide to disrupt criminal networks that weaponize emerging technologies to conceal illicit profits and defraud the public.”
According to the indictment unsealed in Puerto Rico, Sims co-founded OmegaPro in January 2019 and Reynoso joined in April. They promoted it as a multi-level marketing scheme offering “investment packages” that falsely promised 300% returns in 16 months through elite forex trading. Investors were required to use virtual currency.
Sims allegedly misled victims about OmegaPro’s trading performance and safety, while Reynoso falsely claimed the company operated under legitimate licenses or wasn’t subject to any laws. Both held flashy global events—including projecting the OmegaPro logo onto Dubai’s Burj Khalifa—to create a false image of legitimacy and luxury.
They also flaunted wealth on social media, showcasing designer clothes, exotic trips, and luxury cars. The scheme raised more than $650 million in cryptocurrency from thousands of investors.
Following a reported network hack in late 2022, Reynoso assured investors that their funds would be transferred to a new platform, Broker Group. Victims, however, were unable to access their funds from either platform.
Funds were allegedly funneled through digital wallets controlled by OmegaPro leaders, then laundered through insiders and top promoters. Sims and Reynoso each allegedly pocketed millions.
Both face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering. Each charge carries a maximum sentence of 20 years.