Two charged in $650 million global crypto scam that promised 300% returns
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From 2019 to 2023, Sims and Reynoso allegedly lured thousands of victims worldwide to purchase "investment packages" from OmegaPro using cryptocurrency.
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cryptocurrency
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July 8, 2025
10:30 PM
CNBC
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Federal secutors charged two men in connection with a sprawling cryptocurrency investment scheme that allegedly defrauded victims of more than $650 million
Secutors alleged Omega operated as a global multi-level marketing scam
The two face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering, each carrying a maximum sentence of 20 years in prison
Justice Department logo or seal showing Justice Department headquarters, known as "Main Justice," is seen behind the podium in the Department's headquarters briefing room before a news conference with the Attorney General in Washington, January 24, 2023
Kevin Lamarque | ReutersFederal secutors have charged two men in connection with a sprawling cryptocurrency investment scheme that defrauded victims out of more than $650 million
The indictment, unsealed in the District of Puerto Rico, accuses Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, of operating and moting Omega, an international crypto multi-level marketing scheme that mised investors 300% returns over 16 months through foreign exchange trading. "This case exposes the ruthless reality of modern financial crime," said the Internal Revenue Service's Chief of Criminal Investigations Guy Ficco. "Omega mised financial freedom but dered financial ruin. "From 2019 to 2023, Sims, Reynoso and their co-conspirators allegedly lured thousands of victims worldwide to purchase "investment packages" using cryptocurrency, falsely claiming the funds would be safely managed by elite forex traders, the Department of Justice said
Secutors said the pair flaunted their wealth through social media and extravagant events — including jecting the Omega logo onto the Burj Khalifa, Dubai's tallest building — to convince investors the operation was legitimate
A posted to the company's LinkedIn page shows guests in evening attire posing for photos and watching the spectacle in Dubai
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When the company later claimed it had suffered a hack, the defendants told victims they had transferred their funds to a new platform called Broker Group, the DOJ said
Users were never able to withdraw their money from either platform
The two men face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering, each carrying a maximum sentence of 20 years in prison
The Justice Department, FBI, IRS-Criminal Investigation, and land Security Investigations led the multiagency investigation, with help from international partners.
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