In one of the most sprawling cryptocurrency fraud cases to date, two men have been indicted in Puerto Rico for allegedly orchestrating and promoting OmegaPro, a global $650 million crypto investment scam that spanned continents and dazzled investors with luxury and illusion.
The indictment, unsealed Tuesday in Puerto Rico federal court, names Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida. Prosecutors allege the pair spearheaded OmegaPro’s expansion across Latin America and parts of the United States, including Puerto Rico.
Both men face one count each of conspiracy to commit wire fraud and money laundering. If convicted, they could face up to 20 years in prison for each charge.
“Elite Traders” and Empty Promises
According to court documents, OmegaPro launched in January 2019 with grand promises. Investors were sold “investment packages” supposedly managed by elite foreign exchange traders that would yield 300% returns over 16 months. The catch? They had to pay in virtual currency, and the only real trade taking place was the trust of hopeful investors for worthless hype.
Reynoso joined months after the launch, prosecutors said, and helped sell the fantasy. He allegedly misrepresented OmegaPro’s legal standing, claiming it was fully licensed or immune from national regulation. Meanwhile, Sims vouched for the firm’s “performance and safety,” convincing investors their crypto was in good hands.
