Two men with Florida ties charged in alleged $650 million global crypto fraud
Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, were charged with conspiracy to commit wire fraud and conspiracy to commit money laundering in connection with OmegaPro, an online investment platform that prosecutors say was actually a global pyramid scheme.
If convicted, Sims and Reynoso each face up to 20 years in federal prison on each count.
Federal authorities say OmegaPro lured thousands of victims from the U.S., Latin America and beyond — including Florida and Puerto Rico — with false promises of extraordinary returns, up to 300% in just 16 months, supposedly through foreign-exchange trading.
But prosecutors say there were no elite traders — just a sophisticated scam.
'The defendants preyed upon vulnerable individuals in the U.S. and abroad, defrauding them of over $650 million by making false promises of substantial returns and that their money was safe,' said Matthew R. Galeotti, head of the Justice Department's Criminal Division.
According to the indictment, Sims and Reynoso — along with other co-conspirators — operated the scheme from 2019 to 2023 by selling cryptocurrency-based 'investment packages' and claiming the funds would be managed by expert foreign-exchange traders. Instead, investigators say the money was funneled into crypto wallets controlled by OmegaPro insiders, who then laundered and concealed the funds. Both Sims and Reynoso allegedly pocketed millions.
Sims is identified as a founder, consultant, and top promoter of OmegaPro, while Reynoso allegedly ran operations across Latin America and parts of the U.S., including South Florida and Puerto Rico.
To build credibility, prosecutors say Sims boasted of OmegaPro's trading prowess and promoted its so-called 'elite' traders. Reynoso is accused of assuring investors that OmegaPro was fully licensed — or alternatively, that it didn't fall under any country's regulations.
They also went to great lengths to project an image of success, hosting extravagant events around the globe, including one in Dubai, where the OmegaPro logo was splashed across the famed Burj Khalifa skyscraper. On social media, they flaunted luxury lifestyles — high-end cars, designer watches, private jets — all allegedly paid for with investor money.
By January 2023, the operation began to unravel. OmegaPro claimed it had suffered a 'network hack,' sparking panic among investors. Reynoso and others promised the funds would be transferred to a new platform, Broker Group — but victims say their money was never returned.
'This case exposes the ruthless reality of modern financial crime,' said Internal Revenue Service Criminal Investigation Chief Guy Ficco. 'OmegaPro promised financial freedom but delivered financial ruin — stealing over $650 million from everyday people and vanishing it into virtual currency.'
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