The US charges two men, allegedly running and promoting a crypto investment scheme called Omegapro who has been investing in investors of over $ 650 million.
The Department of Justice Says On Tuesday, it was not opened by a federal court in Puerto Rico against Michael Shannon Sims – an uninterrupted, strategic consultant and advocate of Omegapro – and Juan Carlos Reynoso, who claimed to have led the operation of the company in Latin America.
Matthew Galeotti, head of the DOJ’s Criminal Division, claimed the pair of “seized by vulnerable individuals in the US and abroad, cheating them more than $ 650 million by making false promises of big return and their money safe.”
Omegapro pledged a 300% return, mentioned by the DOJ
The Justice Department has accused that Omegapro is a multilevel marketing scheme that targets crypto investors between 2019 and 2023 selling “investment packages.”
Sims and Reynoso are said to have pledged that the packages will form 300% that will return within 16 months through the foreign exchange of “selected entrepreneurs,” according to the DOJ.
Participants are said to have been ordered to buy investment packages using cryptocurrency.
“Lavish” promo events aimed at –hook buyers
The duo is said to use fraudulent marketing techniques and “hasts luxurious promotion and training events” worldwide, including the companion logo reproduction to Burj Khalifa in Dubaithe highest building in the world.
The Justice Department claimed that the pair also showed expensive vacations, expensive cars, and social media design items “to convince existing and prospective investors that Omegapro is a legitimate business that offers a path to wealth and a luxurious lifestyle.”
Omegapro announced that it suffered a network hack in January 2023, telling clients that their investments were safe and that the firm-headquartered firm was transferring their funds to another platform called the broker group, according to the DOJ.
However, prosecutors say investors cannot withdraw their funds from either platform, as they have been -laundered Crypto wallets to the insider.
Accused Omegapro advocates faced 40 years prison
Sims and Reynoso each of the charges on Fraud Fraud conspiracy and money laundering conspiracy, each carrying a maximum penalty of 20 years in prison.
Omegapro co-founder Andreas Szakacs is Arrested in Turkey In July 2024 over accusations of doubt to investors from $ 4 billion by firm, allegations he denied.
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