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DOJ Indicts Two in $650 Million Global Crypto and Forex Fraud Scheme

Unsealed in Puerto Rico, the indictment claims OmegaPro executives conspired to commit wire fraud before laundering defrauded assets through virtual currency

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Overview

  • Michael Shannon Sims and Juan Carlos Reynoso are charged with conspiracy to commit wire fraud and conspiracy to commit money laundering, each count carrying up to 20 years in prison.
  • Prosecutors allege that the OmegaPro scheme used a multi-level marketing model to lure thousands of investors with promises of 300% returns over 16 months.
  • After a claimed network hack in late 2022, victims were told their funds were shifted to a new platform called Broker Group but were unable to withdraw their investments.
  • The investigation has been led by the Department of Justice with support from the FBI, IRS Criminal Investigation, Homeland Security Investigations and international partners.
  • Authorities are pursuing asset forfeiture and restitution for victims as the case moves toward trial in the District of Puerto Rico.