The US Department of Justice sues OmegaPro, a $650 million forex and cryptocurrency fraud organization

BlockBeats News: On July 9th, according to a statement from the US Department of Justice, the founder of the international fraud project OmegaPro has been sued for committing a global $650 million forex and cryptocurrency investment fraud. Michael Shannon Sims (48 years old), a resident of Georgia, and Juan Carlos Reynoso (57 years old), a resident of New Jersey, are using a multi-layered marketing model to promote a "forex investment package" to investors, promising a 300% return within 16 months and requesting payment in cryptocurrency. The indictment shows that the defendant team created a luxurious image by displaying luxury cars, vacation photos, and other means, and later froze investors' funds on the grounds of "being hacked" to prevent them from withdrawing, and transferred the funds to a cryptocurrency wallet controlled by executives. Sims is the founder and promoter of OmegaPro, while Reynoso leads the company's business in Latin America and the United States. The two defendants each face two counts of conspiracy, and if convicted, each charge carries a maximum sentence of 20 years in prison.