Wednesday, July 9, 2025
cryptonews100
No Result
View All Result
CryptoNews100
No Result
View All Result
Home Cryptocurrency

Two men charged in $650 million OmegaPro cryptocurrency fraud scheme

cryptonews100_tggfrn by cryptonews100_tggfrn
July 9, 2025
in Cryptocurrency
0
Two men charged in $650 million OmegaPro cryptocurrency fraud scheme
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
Sign up an get up to $1000 USDT!


Two men have been indicted for his or her alleged roles in working and selling OmegaPro, a world funding scheme that defrauded traders of greater than $650 million, in accordance with the U.S. Justice Division.

Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, are charged in the District of Puerto Rico with conspiracy to commit wire fraud and conspiracy to commit cash laundering. Each men allegedly performed central roles in the scheme’s operation throughout Latin America and components of the US, together with Puerto Rico.

Sims is accused of founding and selling OmegaPro beginning in January 2019, with Reynoso becoming a member of a number of months later.

In keeping with court docket paperwork, the corporate was marketed as a multi-level funding platform providing as much as 300% returns in 16 months via overseas trade buying and selling. Traders have been inspired to purchase “packages” utilizing digital forex.

Article continues under the participant

Prosecutors say the defendants misled traders by falsely vouching for OmegaPro’s efficiency, claiming the corporate was licensed or past the attain of regulatory oversight, and internet hosting high-profile promotional occasions to painting the corporate as a authentic path to wealth.

Related articles

Anti-money laundering crackdown: Cryptocurrency ATMs used to ‘launder cash from drug sales’ to be banned

Anti-money laundering crackdown: Cryptocurrency ATMs used to ‘launder cash from drug sales’ to be banned

July 9, 2025
Bitcoin: A beginner’s guide to the hype and the reality of the cryptocurrency

Bitcoin: A beginner’s guide to the hype and the reality of the cryptocurrency

July 8, 2025

These occasions included projecting the OmegaPro emblem onto the Burj Khalifa in Dubai.

Sims and Reynoso additionally allegedly used social media to advertise their lavish life as proof of the scheme’s success. The indictment states that funds have been funneled via crypto wallets managed by OmegaPro insiders earlier than being dispersed to cover their origins. Each men allegedly profited thousands and thousands of {dollars}.

In early 2023, after OmegaPro claimed it had been hacked, victims have been informed their funds have been secure and being moved to a brand new platform, Dealer Group. In keeping with the Justice Division, traders have been finally unable to get well their cash from both platform.

The case is being investigated by the FBI, IRS Legal Investigation, and Homeland Safety Investigations, with assist from worldwide companions throughout a number of continents. If convicted, Sims and Reynoso every resist 40 years in jail.

“As alleged, the defendants preyed upon weak people in the U.S. and overseas, defrauding them of over $650 million by making false guarantees of considerable returns and that their cash was secure,” mentioned Matthew R. Galeotti, head of the Justice Division’s Legal Division.

The FBI’s San Juan Area Workplace is searching for to establish victims who might have been defrauded via OmegaPro between 2018 and 2023. People who suffered monetary losses or have data related to the case are inspired to finish a short online form. The FBI additionally urges anybody who is aware of a attainable sufferer to share the shape to allow them to come ahead straight.



Source link

Tags: ChargedCryptocurrencyFraudmenmillionOmegaProscheme
Share76Tweet47
Drive and walk to earn crypto!

Related Posts

Anti-money laundering crackdown: Cryptocurrency ATMs used to ‘launder cash from drug sales’ to be banned

Anti-money laundering crackdown: Cryptocurrency ATMs used to ‘launder cash from drug sales’ to be banned

by cryptonews100_tggfrn
July 9, 2025
0

“Criminals can use these ATMs to purchase cryptocurrency and switch that cryptocurrency inside minutes to offshore criminals to fund drug...

Bitcoin: A beginner’s guide to the hype and the reality of the cryptocurrency

Bitcoin: A beginner’s guide to the hype and the reality of the cryptocurrency

by cryptonews100_tggfrn
July 8, 2025
0

In a world more and more reliant on digital transactions, Bitcoin has sparked each fascination and skepticism. On this article,...

Crypto Scams Reveal Hard Lessons for Global Businesses

Crypto Scams Reveal Hard Lessons for Global Businesses

by cryptonews100_tggfrn
July 8, 2025
0

When bitcoin first appeared in 2009, it was heralded as a decentralized, peer-to-peer different to conventional finance. Nonetheless, within the...

Celebrity Crypto Cons: Chicago-area man Richard Lyons loses $10K to cryptocurrency scam by Elon Musk impersonator

Celebrity Crypto Cons: Chicago-area man Richard Lyons loses $10K to cryptocurrency scam by Elon Musk impersonator

by cryptonews100_tggfrn
July 8, 2025
0

CHICAGO (WLS) -- The ABC7 I-Group is uncovering how criminals are utilizing well-known faces to lure in victims. Scammers are...

Bitcoin Falls To $108k Over Retail Cryptocurrency Selloffs

Bitcoin Falls To $108k Over Retail Cryptocurrency Selloffs

by cryptonews100_tggfrn
July 8, 2025
0

Bitcoin Falls to $108k over Retail Cryptocurrency SelloffsThe world’s oldest and largest cryptocurrency, Bitcoin, slipped to round $108,000 degree within...

Load More

Crypto Fear & Greed Index

Latest Crypto Fear & Greed Index

Recent News

Two men charged in $650 million OmegaPro cryptocurrency fraud scheme

Two men charged in $650 million OmegaPro cryptocurrency fraud scheme

July 9, 2025
Ethereum Price Turns Positive — More Upside Likely if Momentum Holds

Ethereum Price Turns Positive — More Upside Likely if Momentum Holds

July 9, 2025
Bitcoin Takes Aim At New Highs Despite Bearish Factors

Bitcoin bulls “are hesitant or unable to push prices significantly higher without fresh catalysts or clearer macro signals,” Bitfinex analysts say.

July 9, 2025

Categories

  • Bitcoin
  • Cardano
  • Chainlink
  • Cryptocurrency
  • Dogecoin
  • Elon Musk
  • Ethereum
  • Exchanges
  • Litecoin
  • Pokadot
  • Polygon
  • Real World Assets
  • Shiba Inu
  • Solana
  • sui
  • World Liberty Financial
  • XRP

Download the official CryptoNews100 Android App! Click the button below:

Tags

ADA (117) Bitcoin (450) BlockDAG (71) BTC (138) bullish (71) Buy (147) Cardano (190) ChainLink (143) coin (69) crypto (529) Cryptocurrency (178) Detail (98) DOGE (98) Dogecoin (175) ETF (120) ETH (123) Ethereum (256) flash (98) Inu (135) key (71) launches (78) Link (69) market (140) million (71) News (270) Polkadot (91) POLYGON (94) prediction (84) Presale (68) price (385) rally (82) RWA (88) SEC (68) SHIB (81) Shiba (143) SOL (90) Solana (241) Sui (148) Surge (74) token (73) top (132) trading (69) TradingView (76) Trump (114) XRP (327)

© 2023 Crypto News100 All Rights Reserved.
By visiting this website, you understand that the content provided within is for educational and entertainment purposes only. Nothing on this site may be constituted as financial advice and this site is not directing you to make any investments in cryptocurrency or in anything else. Thank you for visiting and please proceed responsibly.
As an Amazon Associate I earn from qualifying purchases.

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Alt Coins
    • Cardano
    • Dogecoin
    • Litecoin
    • Pokadot
    • Polygon
    • Shiba Inu
    • Solana
    • XRP
  • Crypto Related DEALS

© 2023 Crypto News100 All Rights Reserved.
By visiting this website, you understand that the content provided within is for educational and entertainment purposes only. Nothing on this site may be constituted as financial advice and this site is not directing you to make any investments in cryptocurrency or in anything else. Thank you for visiting and please proceed responsibly.
As an Amazon Associate I earn from qualifying purchases.