A new chapter has opened in the OmegaPro case, which has claimed numerous victims around the world. Two executives from the fake trading platform, which defrauded investors of $650 million, have been charged in New York.
Two OmegaPro executives charged
The two men charged in Puerto Rico are Michael Shannon Sims, 48, and Juan Carlos Reynoso, 57, both residents of the United States. The OmegaPro scam, which later renamed itself Go Global and Broker Group, is believed to have defrauded victims of $650 million:
The defendants targeted vulnerable individuals in the United States and abroad, defrauding them of more than $650 million by making false promises of high returns and assuring them that their money was safe.
The OmegaPro/Go Global platform, which ceased operations in 2023, used an unfortunately common technique. It lured investors with promises of high returns, using deliberately vague language. Users were faced with a fake investment platform, with their funds being transferred directly to the criminals. Despite their requests, they were never able to withdraw the funds from this “platform.”
The defendants ran a global scam through OmegaPro, deceiving investors with false promises of extraordinary returns, and then embezzling hundreds of millions of dollars.
After numerous warnings, several investigations were launched, including one in France. Just under a year ago, OmegaPro co-founder Andreas Szakacs was arrested in Turkey.
According to Guy Ficco, head of financial investigations at the US Internal Revenue Service (IRS), these were not simple scams, but “sophisticated betrayals.” They affected users in many jurisdictions, including France, England, Turkey, the Netherlands, Colombia, and Thailand.
Social media and investment incentives
As we were able to verify in our investigation, OmegaPro strongly encouraged its users to spend money on the platform, while lulling them into a false sense of security. The site operated as a multi-level marketing (MLM) scheme, with users invited to purchase “investment packages” claiming to offer a 300% return over 16 months. To establish their credibility, the criminals also organized lavish events:
Sims and Reynoso, along with their accomplices, organized promotional events and lavish training sessions around the world, including projecting the OmegaPro logo onto the Burj Khalifa, the world’s tallest tower, during an event in Dubai.
The two men also flaunted their wealth on social media to encourage users to join their platform. They are believed to have made several million dollars each from this scheme. The money collected was also paid to high-level operators who were accomplices of the two men. The defendants are charged with conspiracy to commit wire fraud and conspiracy to launder money. They face up to 20 years in prison on each count.
