Two self-proclaimed forex experts, Michael Shannon Sims and Juan Carlos Reynoso, are facing federal charges after allegedly orchestrating one of the largest forex-related investment scams in recent years. Operating through a sham platform called OmegaPro, the duo promised investors up to 300% returns in just 16 months, luring them in with lavish events and flashy social media displays.
What Was OmegaPro?
Between 2019 and 2023, OmegaPro presented itself as a high-return forex trading firm. In reality, authorities say no trading ever took place. Instead, the platform operated as a Ponzi and pyramid scheme, using new investor funds to pay off earlier participants while siphoning millions to fund the operators' luxury lifestyles.
Global Deception
Sims and Reynoso hosted extravagant promotions, including projecting OmegaPro’s logo onto Dubai’s Burj Khalifa, all while flaunting designer gear and exotic getaways online. Thousands of investors worldwide fell for the illusion—until the scheme collapsed in 2023 with a suspicious “platform hack” and unfulfilled promises of fund transfers to a shell company called Broker Group.
Legal Action & Charges
On July 8, 2025, indictments were unsealed charging both men with wire fraud and money laundering in Puerto Rico. Each faces up to 20 years in prison per charge, with the DOJ accusing them of defrauding over $650 million from vulnerable individuals in the U.S. and abroad.
Lessons for Traders and Investors 🛡️
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Never invest in a product you don’t fully understand—especially in the forex market, which is inherently volatile.
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Always conduct due diligence, including checking broker credentials via FINRA BrokerCheck, Trustpilot, Forex Peace Army, or your state’s regulatory body.
- Be wary of flashy marketing, unrealistic returns, and pressure to recruit others—common red flags for investment fraud.
- Check Followme's current list of licensed brokers, sorted alphabetically. This list is continuously updated to reflect the most trusted and compliant brokers in the community
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