Two masterminds of a $650 million international investment scam have been charged for their alleged roles in OmegaPro, a fraudulent scheme that bilked investors worldwide. Michael Shannon Sims, 48, of Georgia and Florida, is accused of founding the scheme, while Juan Carlos Reynoso, 57, of New Jersey and Florida, led operations in Latin America and parts of the U.S., including Puerto Rico.
The duo allegedly targeted vulnerable individuals with promises of substantial returns on investment, falsely assuring them their money was safe. According to officials, Sims vouched for OmegaPro’s trading prowess, misleading victims into thinking they were investing wisely. Reynoso is accused of falsely representing OmegaPro’s legitimacy and legal status.
Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, emphasized the commitment to justice for the many victims, saying, ‘We are leading efforts to combat these complex and insidious digital asset investor scams.’ U.S. Attorney W. Stephen Muldrow echoed this sentiment, stating, ‘We remain committed to dismantling international financial schemes that target U.S. victims and recovering illicit proceeds through criminal prosecution and asset forfeiture.’
The FBI’s Assistant Director Joe Perez declared, ‘The FBI will not stand by while the American public is defrauded,’ highlighting the agency’s dedication to bringing these individuals to justice. Chief Guy Ficco of IRS-CI emphasized the case’s impact, calling OmegaPro’s activities “precision-engineered betrayals” and emphasizing the fight against financial exploitation.
This case underscores the importance of international partnerships in combating transnational financial fraud, according to Ricardo Mayoral of U.S. Immigration and Customs Enforcement Homeland Security Investigations (HSI). Sims and Reynoso established OmegaPro in early 2019, with Reynoso joining later that year. Investors were duped into purchasing “investment packages” with promises of triple-digit returns over 16 months.
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Key Facts
- State: Puerto Rico
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Cybercrime|White Collar Crime|Organized Crime
- Source: Official Source ↗
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