Crypto Conman Accused of $650M Global Fraud

GRIMY TIMES EXCLUSIVE: Two men are accused of masterminding a colossal $650 million cryptocurrency investment scam, targeting vulnerable investors worldwide.

Michael Shannon Sims, 48, from Georgia and Florida, is alleged to be the founder and strategic consultant of OmegaPro. Juan Carlos Reynoso, 57, from New Jersey and Florida, reportedly oversaw operations in Latin America and parts of the United States and Puerto Rico.

“These accused exploited vulnerable individuals domestically and abroad, defrauding them out of over $650 million with false promises of significant returns and guaranteed safety,” said Matthew R. Galeotti, head of the Criminal Division of the U.S. Department of Justice. “The Criminal Division is committed to prosecuting these perpetrators and seeking justice for their numerous victims.”

The formal complaint alleges that Sims and Reynoso operated a global fraud scheme through OmegaPro, promising extraordinary returns through elite forex traders, only to embezzle hundreds of millions of victim funds. W. Stephen Muldrow, U.S. Attorney for the District of Puerto Rico, emphasized the commitment to dismantling international financial schemes targeting American victims.

“The FBI will not stand idle as the public is defrauded,” declared Joe Perez, Deputy Assistant Director of the Criminal Investigative Division of the FBI. “Through coordination with our partners, these individuals will have to face a court.”

“OmegaPro promised financial freedom but brought ruin,” said Guy Ficco, head of the Criminal Investigation Division of the IRS. “Our mission is to protect those exploited and continue interagency collaboration until the guilty are brought to justice.” Ricardo Mayoral, Deputy Assistant Director for International Operations at HSI, highlighted the critical role of international alliances in dismantling transnational fraud networks.