An investigation by ICE Homeland Security Investigations New York, in collaboration with various partners, has led to an indictment against two individuals for their alleged involvement in operating and promoting OmegaPro. This international investment scheme reportedly defrauded investors of over $650 million.
Court documents indicate that Michael Shannon Sims, 48, from Georgia and Florida, served as a founder and promoter of OmegaPro. Juan Carlos Reynoso, 57, from New Jersey and Florida, managed operations in Latin America and parts of the United States.
“This case highlights the critical role international partnerships play in dismantling transnational financial fraud schemes that exploit global markets and victimize unsuspecting investors,” stated Ricardo Mayoral, ICE HSI International Operations Assistant Director.
The charges were announced on July 8 by Mayoral; Matthew R. Galeotti of the Justice Department’s Criminal Division; U.S. Attorney W. Stephen Muldrow for the District of Puerto Rico; Assistant Director Joe Perez of the FBI Criminal Investigative Division; and Chief Guy Ficco of IRS Criminal Investigation.
The investigation involves HSI New York, the FBI, IRS Criminal Investigation, and other international partners such as HSI Bangkok; HSI Bogota; HSI Frankfurt; HSI Istanbul; HSI London; HSI Miami; HSI New Delhi; HSI The Hague; the FBI’s Virtual Asset Unit; Colombia’s Attorney General’s Office; and global tax enforcement bodies.
Sims allegedly misled investors about OmegaPro’s trading performance and safety. Reynoso reportedly misrepresented OmegaPro’s licensing status. Promotional events aimed to convince investors of OmegaPro’s legitimacy included projecting its logo onto Dubai’s Burj Khalifa.
Sims, Reynoso, and co-conspirators used social media to flaunt wealth gained through fraudulent means. The scheme raised over $650 million in virtual currency but left victims unable to withdraw funds after a purported network hack.
Funds were allegedly funneled through virtual currency wallets controlled by OmegaPro executives before being dispersed to insiders. Sims and Reynoso are accused of profiting millions from these activities.
“As alleged, the defendants preyed upon vulnerable individuals…defrauding them…by making false promises,” said Galeotti. “Thanks to our multiagency partners…we are leading efforts to combat these complex scams.”
Muldrow emphasized commitment to dismantling schemes targeting U.S. victims: “We remain committed…to recovering illicit proceeds.”
“The FBI will not stand by while the American public is defrauded,” asserted Perez.
Ficco highlighted the deceptive nature of such financial crimes: “OmegaPro promised financial freedom but delivered financial ruin.”
Both Sims and Reynoso face charges including conspiracy to commit wire fraud and money laundering. Each count carries a maximum penalty of 20 years in prison if convicted.
