US federal prosecutors charged Michael Shannon Sims and Juan Carlos Reynoso with running a $650 million crypto-based Ponzi scheme through OmegaPro, promising investors unrealistic returns.
The fraudulent scheme claimed 300% returns in 16 months through crypto investment packages, deceiving thousands worldwide since 2019.
The defendants used lavish events and luxury displays globally to attract investors, projecting a false image of success and legitimacy.
Sims and Reynoso are facing charges of wire fraud and money laundering, with potential 20-year prison sentences, shedding light on risks posed by fraudulent crypto-investment programs.