U.S. Department of Justice Charges OmegaPro in $650.0 million Foreign Exchange and Cryptocurrency Fraud Scheme
On July 9, according to a U.S. Department of Justice announcement, the founder of the international fraud project OmegaPro was indicted for carrying out a global $650 million foreign exchange and cryptocurrency investment fraud. Michael Shannon Sims (48 years old), a resident of Georgia, USA, and Juan Carlos Reynoso (57 years old), a resident of New Jersey, promoted "foreign exchange investment packages" to investors through a multi-level marketing model, promising a 300% return within 16 months and requiring payment in cryptocurrency.
The indictment shows that the defendant's team created a luxurious image by displaying luxury cars, vacation photos, etc., and then froze investors' funds under the pretext of "encountering a hacker attack" to prevent them from withdrawing money, and transferred the funds to crypto wallets controlled by executives. Sims was the founder and promoter of OmegaPro, while Reynoso led the company's operations in Latin America and the United States. The two defendants each face two counts of conspiracy, and if convicted, each count carries a maximum sentence of 20 years in prison. [BlockBeats]
U.S. Department of Justice Charges OmegaPro in $650.0 million Foreign Exchange and Cryptocurrency Fraud Scheme
On July 9, according to a U.S. Department of Justice announcement, the founder of the international fraud project OmegaPro was indicted for carrying out a global $650 million foreign exchange and cryptocurrency investment fraud. Michael Shannon Sims (48 years old), a resident of Georgia, USA, and Juan Carlos Reynoso (57 years old), a resident of New Jersey, promoted "foreign exchange investment packages" to investors through a multi-level marketing model, promising a 300% return within 16 months and requiring payment in cryptocurrency.
The indictment shows that the defendant's team created a luxurious image by displaying luxury cars, vacation photos, etc., and then froze investors' funds under the pretext of "encountering a hacker attack" to prevent them from withdrawing money, and transferred the funds to crypto wallets controlled by executives. Sims was the founder and promoter of OmegaPro, while Reynoso led the company's operations in Latin America and the United States. The two defendants each face two counts of conspiracy, and if convicted, each count carries a maximum sentence of 20 years in prison. [BlockBeats]
