OmegaPro Investment Scam: US Charges Two Individuals in $650M Global Cryptocurrency Fraud Case
Published on July 9, 2025
- Two individuals were indicted for their participation in a foreign exchange and cryptocurrency scheme.
- They are accused of orchestrating an elaborate $650 million global investment scam through OmegaPro.
- Promoted as an MLM investment platform, it allegedly funneled over $650 million in investor funds to crypto wallets.
The U.S. Department of Justice (DoJ) has unsealed an indictment against Michael Shannon Sims, 48, and Juan Carlos Reynoso, 57, who are accused of orchestrating an elaborate $650 million global investment scam through OmegaPro, a foreign exchange and cryptocurrency scheme.
Both Sims and Reynoso face charges of conspiracy to commit wire fraud and money laundering, with each count carrying a maximum penalty of 20 years in prison.
According to court documents, Sims and Reynoso promoted OmegaPro as a multi-level marketing (MLM) investment platform.
Investors were enticed to purchase “investment packages” using cryptocurrency, with promises of 300% returns within 16 months through foreign exchange trading by elite traders.
Sims allegedly portrayed OmegaPro as a secure and regulated platform, while Reynoso misled victims about its legal status, claiming it operated outside regulatory frameworks.
The scheme relied heavily on high-profile promotional tactics, including lavish events projected onto iconic landmarks like Dubai’s Burj Khalifa. Social media played a key role, with co-conspirators flaunting luxury vacations, designer wardrobes, and opulent lifestyles to lure additional investors.
Instead of delivering the promised returns, OmegaPro allegedly funneled over $650 million in investor funds to cryptocurrency wallets controlled by company insiders and promoters, including Sims and Reynoso.
Victims were left unable to withdraw their investments, particularly after the operation was shifted to another fraudulent platform, Broker Group, under the pretense of a network breach.
Victims of the OmegaPro investment scam span across the globe, including vulnerable individuals in the U.S., Puerto Rico, and Latin America. Many were left in financial ruin, unable to recover their deposits.
Andreas Szakacs, the co-founder of the scheme, was arrested in Turkey in 2024.
Agencies such as the FBI, IRS Criminal Investigation (IRS-CI), and Homeland Security Investigations (HSI), alongside global partners in Colombia, the Netherlands, and the U.K., were integral to uncovering the fraudulent network and tracking the illicit flow of funds.
“OmegaPro promised financial freedom but delivered financial ruin – stealing over $650 million from everyday people and vanishing it into virtual currency,” said Chief Guy Ficco of the IRS Criminal Investigation (IRS-CI). “These weren't just scams; they were precision-engineered betrayals."
The Justice Department urges anyone potentially victimized by OmegaPro to contact the FBI’s victim support services.
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