Duo Behind $650M Global Crypto Scam Promising 300% Profits Now Facing Federal Charges
Two men have been indicted for orchestrating a massive international cryptocurrency fraud scheme that deceived investors out of more than $650 million.
According to an indictment unsealed in the District of Puerto Rico, Michael Shannon Sims, 48, from Georgia and Florida, and Juan Carlos Reynoso, 57, from New Jersey and Florida, are accused of founding and promoting OmegaPro—a global crypto-based multi-level marketing scheme. The operation lured thousands of victims by falsely promising up to 300% returns within 16 months through foreign exchange trading.
Between 2019 and 2023, the pair and their associates allegedly sold fraudulent “investment packages” paid for in cryptocurrency, claiming the funds would be managed by top-tier forex traders. In reality, authorities say, it was nothing more than a sophisticated pyramid scheme.
The defendants allegedly showcased their wealth on social media and hosted flashy events—including a high-profile light projection of the OmegaPro logo on the Burj Khalifa in Dubai—to bolster their credibility and attract more investors.
One video on the company’s page featured a glamorous evening event in Dubai, with guests posing for photos under the glitzy display — all designed to reinforce the illusion of legitimacy.
When the operation began to unravel, OmegaPro claimed it had been hacked. Sims and Reynoso then shifted users to a new platform called Broker Group, where victims were again locked out of their funds, according to authorities.
Both men have been charged with conspiracy to commit wire fraud and conspiracy to commit money laundering. Each charge carries a maximum sentence of 20 years in prison.
The investigation was led by the U.S. Department of Justice in coordination with the FBI, IRS Criminal Investigation, Homeland Security Investigations, and several international law enforcement agencies.
