On July 9, 2025, the US Department of Justice unsealed an indictment charging Michael Shannon Sims, co-founder of OmegaPro, and Juan Carlos Reynoso, a top-level promoter, in connection with a sprawling international fraud and money laundering scheme that defrauded investors of more than USD 650 million through a deceptive foreign exchange and cryptocurrency investment platform.
According to court documents, Sims and Reynoso allegedly lured victims into OmegaPro through a mix of false promises, high-pressure multi-level marketing (MLM) tactics, and the illusion of wealth and legitimacy. The defendants promised returns of up to 300%, claiming OmegaPro operated with expert traders and proprietary technology to generate consistent profits. In reality, the enterprise functioned as a Ponzi scheme, recycling investor funds to pay early participants while siphoning off millions for personal use.
To bolster legitimacy, Sims and Reynoso allegedly hosted extravagant promotional events across the globe—including a splashy OmegaPro launch in Dubai where the company logo was projected onto the Burj Khalifa, the tallest building in the world. They portrayed OmegaPro as a path to luxury and financial freedom, while simultaneously promoting lavish lifestyles on social media, showcasing exotic vacations, high-end cars, designer clothes, and expensive watches.
But when OmegaPro collapsed—following claims of a supposed "network hack"—the defendants continued misleading victims. In January 2023, Reynoso and others reassured investors that their funds were safe and being transferred to a new platform called Broker Group. In reality, victims were unable to withdraw their funds from either platform, resulting in massive losses.
Behind the scenes, DOJ alleges that over USD 650 million in virtual currency raised from victims was first funneled to crypto wallet addresses controlled by OmegaPro insiders, then dispersed and laundered through a web of shell companies and personal accounts to obscure the origin of the funds. Sims and Reynoso are accused of personally profiting millions from the scheme.
Both defendants are charged with conspiracy to commit wire fraud and conspiracy to commit money laundering. If convicted, they face up to 20 years in prison on each count.
A Whole-of-Government Operation
Like many complex cases involving digital assets, the OmegaPro investigation was a model of interagency and international coordination. The FBI, Homeland Security Investigations (HSI), and IRS Criminal Investigation (IRS-CI) worked closely together to trace funds, uncover the fraud network, identify victims, and build a robust criminal case across jurisdictions and financial ecosystems. The investigation also involved the FBI’s Virtual Asset Unit and support from HSI offices in Bangkok, Bogota, Frankfurt, Istanbul, London, Miami, New Delhi, and The Hague.
The case further benefited from international partnerships, including the Office of the Attorney General of Colombia and the Joint Chiefs of Global Tax Enforcement (J5), a multinational alliance consisting of the Australian Taxation Office, Canada Revenue Agency, Dutch Fiscal Intelligence and Investigation Service (FIOD), and His Majesty's Revenue and Customs (UK).
"The FBI will not stand by while the American public is defrauded," said Assistant Director Joe Perez of the FBI Criminal Investigative Division. "Through coordination with our partners, these individuals will have to defend their actions in a court of law."
“This case exposes the ruthless reality of modern financial crime,” said Chief Guy Ficco of IRS-CI. “OmegaPro promised financial freedom but delivered financial ruin—stealing over $650 million from everyday people and vanishing it into virtual currency. These weren't just scams; they were precision-engineered betrayals."
“This case highlights the critical role international partnerships play in dismantling transnational financial fraud schemes that exploit global markets and victimize unsuspecting investors,” said International Operations Assistant Director Ricardo Mayoral of HSI.
A Signal Moment for Crypto-Related Fraud Enforcement
The charges against Sims and Reynoso are part of a growing list of major federal cases targeting crypto-related Ponzi and pyramid schemes. As the crypto ecosystem continues to grow, blockchain-based fraud will become increasingly global and sophisticated. Cases like OmegaPro underscore the need for aggressive fraud enforcement, international cooperation, and the use of blockchain intelligence to follow the money across borders.
Trial Attorneys Ariel Glasner and Tamara Livshiz of the DOJ’s Criminal Fraud Section, and Assistant US Attorney Jonathan Gottfried for the District of Puerto Rico and the Computer Crime and Intellectual Property Section (CCIPS), are prosecuting the case.
This indictment marks a major win for law enforcement in the fight against transnational financial fraud and crypto-related scams.
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