An investigation led by ICE Homeland Security Investigations (HSI) New York has resulted in charges against two men involved in a global investment scheme known as OmegaPro. The alleged scam defrauded investors of over $650 million through misleading promises of high returns on investments.
The accused, Michael Shannon Sims and Juan Carlos Reynoso, were central figures in the operation of OmegaPro. Sims, a founder and promoter from Georgia and Florida, along with Reynoso, who managed operations in Latin America and parts of the United States, are said to have falsely assured investors of substantial returns through foreign exchange trading.
"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, Assistant Director at ICE HSI International Operations.
The charges were announced by several officials including Mayoral; Matthew R. Galeotti from the Justice Department’s Criminal Division; U.S. Attorney W. Stephen Muldrow for Puerto Rico; Joe Perez from the FBI Criminal Investigative Division; and Guy Ficco from IRS Criminal Investigation.
Investigations were carried out by HSI New York alongside other agencies such as the FBI, IRS Criminal Investigation, and various international partners. According to court documents, Sims and Reynoso ran OmegaPro as a multi-level marketing scheme since 2019. They misled investors into buying "investment packages" using virtual currency with false promises of high returns.
OmegaPro's promotional events aimed to convince potential investors of its legitimacy by showcasing wealth and luxury lifestyles. Despite assurances that investments were secure following a network hack announcement in 2023, victims could not withdraw funds from either OmegaPro or Broker Group accounts.
"As alleged, the defendants preyed upon vulnerable individuals...defrauding them of over $650 million," commented Galeotti. The indictment claims that collected funds were funneled through virtual currency wallets controlled by OmegaPro executives before being dispersed among insiders.
Both Sims and Reynoso face charges of conspiracy to commit wire fraud and money laundering. If convicted, they could each face up to 20 years in prison for each count.
