U.S. Justice Department charges two men in $650 million foreign exchange and cryptocurrency fraud

PANews reported on July 9 that according to The Block, the U.S. Department of Justice disclosed that Georgia resident Michael Shannon Sims (48 years old) and New Jersey resident Juan Carlos Reynoso (57 years old) were indicted for allegedly operating the international fraud project OmegaPro, involving a total amount of $650 million. The two men promoted the "foreign exchange investment package" 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 team created a luxurious image by showing luxury cars, vacation photos and projecting the company logo on the Burj Khalifa in Dubai, and then froze investors' withdrawals on the grounds of "hacked" and transferred the funds to encrypted wallets controlled by executives. Sims is the founder and promoter of OmegaPro, while Reynoso leads the company's business in Latin America and the United States. The two defendants each face two conspiracy charges, and if convicted, each count carries a maximum sentence of 20 years in prison.