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Updated Jul 9, 2025, 5:27 a.m. Published Jul 9, 2025, 5:26 a.m.
- The ponzi scheme, which involves crypto, was established in 2019 by Michael Shannon Sims and others.
- One of the co-founders was arrested in Turkey in 2024.
- OmegaPro promised investors 300% return in 16 months, by trading in foreign exchange.
The U.S. Department of Justice (DOJ) has charged two individuals for their role in OmegaPro, a crypto and investment ponzi scheme which defrauded investors 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 some parts of the U.S., were charged on conspiracy to commit wire fraud and money laundering, according to documents published on Tuesday.
STORY CONTINUES BELOW
OmegaPro was an international investment 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 vulnerable individuals in the U.S. and abroad, defrauding them of over $650 million by making false promises of substantial returns and that their money was safe,” said Matthew R. Galeotti, head of the justice department’s criminal division.
OmegaPro was established in early 2019, by Sims and others. According to the document, the defendants and others promised investors 300% return over 16 months through foreign exchange trading. Investors were instructed to purchase these investment packages using crypto.
Read more: OmegaPro Co-Founder Arrested in Turkey on Suspicion of $4B Ponzi Scheme: Report
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Parikshit Mishra is CoinDesk’s Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
