U.S. DOJ Charges Two in $650M Crypto Investment Fraud

- Crypto investment fraud scheme could result in up to 20 years in prison. - Fake 300% return ads defrauded thousands of investors globally. On July 9, 2025, CNBC reported that the U.S. Department of Justice indicted two individuals in connection with a $650 million cryptocurrency fraud. The accused are Michael Shannon Sims (48) and Juan Carlos Reynoso (57), operators of the crypto investment firm OmegaPro. The DOJ stated that Sims and Reynoso managed OmegaPro from Georgia, Florida, and New Jersey, orchestrating a global multi-level marketing scheme based on fabricated forex trading returns. Between 2019 and 2023, they allegedly lured thousands of investors worldwide by falsely advertising up to 300% returns within 16 months. If convicted, both face up to 20 years in prison. The DOJ emphasized the severe financial damage their fraudulent activities caused to a wide range of victims. With the rapid expansion of the crypto market in recent years, investment scams promising high returns have increased significantly. Experts urge investors to thoroughly assess a company's credibility, legal status, and user reviews before making investment decisions.