OmegaPro Founders Charged in $650M Crypto Ponzi Scheme
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BTCCSquare news:
The U.S. Department of Justice has indicted Michael Shannon Sims and Juan Carlos Reynoso for orchestrating OmegaPro, a fraudulent investment scheme that siphoned $650 million from global investors. The operation, launched in 2019, collapsed in 2022 after promising unrealistic 300% returns through forex trading—a facade funded by cryptocurrency purchases.
Matthew R. Galeotti of the DOJ's criminal division condemned the defendants for exploiting vulnerable participants with false security guarantees. The case follows the 2024 arrest of co-founder Andreas Szakacs in Turkey, marking another chapter in the crackdown on crypto-enabled financial crimes.
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