• About Us
  • Careers
  • Contact
No Result
View All Result
Wednesday, July 9, 2025
DeFi Planet
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result
Home News Crime

US Prosecutors Charge Two in $650 Million OmegaPro Crypto Fraud, Exposing Global MLM Scam

9 July 2025
in Crime, News
Reading Time: 3 mins read
103 5
source: justice.gov

source: justice.gov

US authorities have charged two men for their roles in OmegaPro, a cryptocurrency investment scheme that allegedly defrauded investors of more than $650 million by promising extraordinary returns and exploiting global trust in digital assets.

The Department of Justice (DOJ) unsealed an indictment in Puerto Rico against Michael Shannon Sims, identified as an OmegaPro founder and promoter, and Juan Carlos Reynoso, who allegedly led the company’s Latin American operations. Prosecutors claim the pair orchestrated a multilevel marketing (MLM) scheme from 2019 to 2023, selling “investment packages” that promised up to 300% returns in 16 months through supposed foreign exchange trading by “elite traders”.

Two charged in $650 million global crypto scam that promised 300% returns https://t.co/ESKEtrPxiT

— CNBC (@CNBC) July 8, 2025

According to the DOJ, OmegaPro targeted vulnerable individuals in the US and abroad, urging them to buy packages using cryptocurrency. The company staged lavish promotional events worldwide, including projecting its logo on Dubai’s Burj Khalifa. Sims and Reynoso flaunted luxury cars, designer goods, and expensive holidays on social media to reinforce OmegaPro’s image as a legitimate path to wealth.

In January 2023, OmegaPro claimed it had suffered a network hack and informed clients that their funds would be transferred to a new platform, Broker Group. However, prosecutors allege investors were unable to access their funds on either platform, as the money was laundered through crypto wallets controlled by insiders.

Both Sims and Reynoso face charges of wire fraud conspiracy and money laundering conspiracy, each carrying a maximum penalty of 20 years in prison. The case highlights the ongoing risks in the crypto sector, where high-yield promises and aggressive marketing can mask fraudulent operations.

OmegaPro’s co-founder, Andreas Szakacs, was arrested in Turkey in July 2024 over separate allegations of defrauding investors out of $4 billion, which he denies.

The Ontario Securities Commission (OSC) is sounding the alarm about a significant increase in cryptocurrency fraud throughout Canada. According to a report by The Globe and Mail, scammers are now using artificial intelligence to defraud unsuspecting investors.

During the Commission’s annual event on Thursday, OSC Chief Executive Grant Vingoe cautioned that crypto-related fraud is on the rise. He noted that malicious actors are utilizing deepfake technology and fraudulent trading platforms to exploit existing regulatory gaps.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

Don't miss out!

Subscribe To Our Newsletter

Receive top education news, lesson ideas, teaching tips and more!
Invalid email address
Give it a try. You can unsubscribe at any time.
Thanks for subscribing!
Tags: OmegaPro
Share63Tweet39Share11
Bobby Okposin

Bobby Okposin

Related Posts

source: x.com
Ethereum

GameSquare Unveils $100M Ethereum Treasury Strategy, GAME Stock Surges 58%

9 July 2025
source: financialit.net
Crypto

21Shares Urges FCA to Broaden Crypto ETN Access for UK Retail Investors

9 July 2025
source: linkedin.com
Crypto

Judge Likely to Block Mention of Tornado Cash Sanctions in Roman Storm Trial

9 July 2025
source: theblock.co
Crime

GMGN Rolls Out MEV Compensation Scheme Amid Surge in Sandwich Attacks

9 July 2025

Featured Posts

Is Code Law? The Legal and Moral Implications of Smart Contracts

Is Code Law? The Legal and Moral Implications of Smart Contracts

byFaari Labinjo
24 June 2025
0

Multi-Party Computation (MPC) vs. Zero-Knowledge Proofs (ZKPs): Which is the Future of Blockchain Privacy?

Multi-Party Computation (MPC) vs. Zero-Knowledge Proofs (ZKPs): Which is the Future of Blockchain Privacy?

byFaari Labinjo
7 June 2025
0

Address Poisoning Attacks in Crypto: What They Are and How to Stay Safe

Address Poisoning Attacks in Crypto: What They Are and How to Stay Safe

byOlayinka Sodiq
3 June 2025
0

What Is a Bull Trap?

What Is a Bull Trap?

byOlajumoke Oyaleke
3 June 2025
0

Breaking Bitcoin’s 21M Limit: Is It Even Possible?

Breaking Bitcoin’s 21M Limit: Is It Even Possible?

byOlayinka Sodiq
3 June 2025
0

Read More

Chain of Thoughts

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

byOlu Omoyele
30 June 2025
0

...

Are Stablecoins Bank Deposits?

Are Stablecoins Bank Deposits?

byOlu Omoyele
31 May 2025
0

...

DAOs and the Coordination of Human Endeavour

DAOs and The Coordination of Human Endeavour

byOlu Omoyele
27 April 2025
0

...

Should DeFi Be Regulated?

Should DeFi Be Regulated?

byOlu Omoyele
27 March 2025
0

...

Markets Update

The Battle for Web3 Infrastructure: Which Platforms are Dominating in Decentralized Storage, Compute, and Identity?

1 day ago

Is Ethereum Losing the Yield Battle?

1 day ago

Dubai Greenlights Region’s First Tokenized Money Market Fund, Pioneering Real-World Asset Digitization

1 day ago

BRICS Digital Currencies & Their Threat to USD-Denominated Stablecoins

4 days ago

The U.S. Crypto Regulatory Pivot: How the FIT21 Bill & ETF Greenlights Are Reshaping Global Policy

4 days ago

VC Funding in Web3: Where the Money Is Going Post-2024 Bear Cycle

5 days ago
Read More

Events

Rare Evo 2025
Rare Evo 2025
6 Aug 25
Las Vegas
CBDC Conference
CBDC Conference
9 Sep 25
Nassau

Spotlight

All about Ethereum
All about Algorand
All about Bitcoin
All about Gora

Press Releases

Threshold Network’s tBTC is Now live on Sui: Ushering in a new era for Bitcoin DeFi

bychainwire
9 July 2025
0

MultiBank Group Announces Early Access Waitlist for Pioneering $MBG Token

bychainwire
9 July 2025
0

Status Unveils First Gasless L2 on Linea With 100% Community Yield Allocation Mechanism

bychainwire
9 July 2025
0

NEXBRIDGE and NEXPLACE Raise $8M Series A to Launch Integrated Bitcoin Capital Markets Ecosystem

bychainwire
9 July 2025
0

Bybit Unveils Bold New Brand Identity with #IMakeIt Campaign — Ushering in a New Era for 70M+ Global Users

bychainwire
9 July 2025
0

Read More

ADVERTISING

ABOUT

TEAM

CAREERS

CONTACT

TERMS & CONDITIONS

PRIVACY POLICY

© Copyright 2025 DeFi Planet

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.

Add New Playlist

No Result
View All Result
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer

© Copyright 2024 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00