US charges 2 men over $650M OmegaPro crypto scam

US prosecutors charged two men for allegedly running the crypto fraud scheme OmegaPro, which promised 300% returns to investors.

The US has charged two men, alleging they operated and promoted a crypto investment scheme called OmegaPro that defrauded investors out of over $650 million.

The Department of Justice said on Tuesday that it unsealed an indictment in a federal court in Puerto Rico against Michael Shannon Sims — an alleged founder, strategic consultant and promoter of OmegaPro — and Juan Carlos Reynoso, whom it claimed led the firm’s operations in Latin America.

Matthew Galeotti, head of the DOJ’s Criminal Division, claimed the pair “preyed upon vulnerable individuals in the US and abroad, defrauding them of over $650 million by making false promises of substantial returns and that their money was safe.” 

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