The United States has accused two men of operating and facilitating a crypto investment program called Omegapro that deceived investors more than $650 million.
Ministry of Justice explain It sued Michael Shannon Sims (alleged founder, strategic consultant and sponsor of Omegapro) and Juan Carlos Reynoso, who allegedly led the company’s business in Latin America, in federal court in Puerto Rico on Tuesday.
Matthew Galeotti, head of the Justice Department’s criminal division, claimed that the two “predated vulnerable people in the United States and abroad, deceived them over $650 million by making false promises of considerable returns, and their money is safe.”
The Justice Department promises a 300% return.
The Justice Department claims that Omegapro is a multi-level marketing program targeting crypto investors selling “investment packages” between 2019 and 2023.
According to the Justice Department, Sims and Reynoso allegedly promise that parcels will generate a 300% return within 16 months through forex trading by “elite traders.”
Participants allegedly directed the purchase of these investment packages using cryptocurrencies.
“Luxury” promotions designed to attract buyers
The duo allegedly used deceptive marketing techniques and globally In Dubaithe tallest building in the world.
The Justice Department claims the couple also showed off expensive holidays, luxury cars and designer items on social media, “convincing existing and potential investors that Omegapro is a legal business that provides avenues for wealth and luxury lifestyles.”
The European Ministry of Justice announced it was hit by a cyber hack in January 2023, telling clients that their investments were secure and that the Dubai-based company is transferring its funds to another platform called Broker Group.
However, prosecutors allegedly investors were unable to withdraw their funds from any platform because they were washed Encrypted wallet To the insider.
The alleged Omegapro promoter faces 40 years in prison
Both Sims and Reynoso face charges of wire fraud conspiracy and money laundering conspiracy, each receiving a maximum sentence of 20 years in prison.
Omegapro Co-founder Andreas Szakacs is Arrested in Türkiye In July 2024, he denied the allegation over allegations of deceiving investors through the company.
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