United States v. Michael Shannon Sims and Juan Carlos Reynoso

PENDING CRIMINAL DIVISION CASES

United States v. Michael Shannon Sims and Juan Carlos Reynoso  
Court Docket No.: 25-CR-284

Court Assigned: This case is assigned to U.S. District Court Judge Raúl M. Arias-Marxuach for the District of Puerto Rico, Jose V. Toledo U.S. Courthouse, 300 Recinto Sur St., San Juan, Puerto Rico 00901.

Latest Updates:

A status conference is set for September 16, 2025 at 1:45 PM in Hato Rey Courtroom 7 and via Video Teleconference before Judge Raul M. Arias-Marxuach.

On July 30, 2025, defendant Juan Carlos Reynoso was ordered to remain detained pending trial.

Criminal Charges:

On July 1, 2025, an Indictment was unsealed charging Michael Shannon Sims and Juan Carlos Reynoso with conspiracy to commit wire fraud and conspiracy to commit money laundering for their alleged roles in operating and promoting OmegaPro, an international investment scheme that defrauded victim investors of over $650 million.

According to court documents, Sims, who was a founder, strategic consultant, and promoter of OmegoPro, and Reynoso, who led OmegaPro’s operations in Latin America and parts of the U.S., including Puerto Rico, operated and promoted OmegaPro as a multi-level marketing (MLM) scheme for investors to purchase “investment packages,” which the defendants and others falsely promised would generate 300 percent returns over 16 months through foreign exchange (forex) trading by elite traders. Investors were instructed to purchase these investment packages using virtual currency.

The indictment alleges that through the defendants’ and others’ misrepresentations, OmegaPro raised over $650 million in virtual currency from thousands of investors. After OmegaPro announced that it had suffered a network hack, Reynoso and others told victims in or about January 2023 that their investments were secure and that OmegaPro was transferring their investments to another platform called Broker Group.  Despite these representations, victims have been unable to withdraw money from either their OmegaPro accounts or their accounts at Broker Group, resulting in millions in victim losses.

The more than $650 million in funds raised from victims was first sent to virtual currency wallet addresses controlled by OmegaPro executives and then allegedly transferred to OmegaPro insiders and high-ranking promoters to disperse the funds and obscure their origins.  Sims and Reynoso both profited millions from this scheme.

For more information about the charges in this case, please see below:

Indictment
Press Release

Victim Impact:

If you believe you were potentially victimized by OmegaPro or have information relevant to this investigation, please visit the FBI’s Victim Witness website at forms.fbi.gov/victims/omegaprovictims or contact OmegaProVictims@fbi.gov.

Presumption of Innocence: It is important to keep in mind that a criminal indictment is merely an allegation, and defendants are presumed innocent until proven guilty and that presumption requires both the court and our office to take certain steps to ensure that justice is served.

Crime Victims’ Rights Act and Right to Retain Counsel: Because charges have been filed in this case in federal court, you also may be entitled to the following rights, according to the Crime Victims’ Rights Act, Title 18, United States Code, Section 3771: (1) The right to be reasonably protected from the accused; (2) The right to reasonable, accurate, and timely notice of any public court proceeding, or any parole proceeding, involving the crime or of any release or escape of the accused; (3) The right not to be excluded from any such public court proceeding, unless the court, after receiving clear and convincing evidence, determines that testimony by the victim would be materially altered if the victim heard other testimony at that proceeding; (4) The right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding; (5) The reasonable right to confer with the attorney for the Government in the case; (6) The right to full and timely restitution as provided in law; (7) The right to proceedings free from unreasonable delay; (8) The right to be treated with fairness and with respect for the victim’s dignity and privacy; (9) The right to be informed in a timely manner of any plea bargain or deferred prosecution agreement; and (10) The right to be informed of the rights under this section and the services described in section 503(c) of the  Victims’ Rights and Restitution Act of 1990  (42 U.S.C. § 10607(c)) and provided contact information for the Victims’ Rights Ombudsman of the Department of Justice. The Crime Victims’ Rights Act (18 U.S.C. § 3771) applies only to victims of the counts charged in federal court, and thus individuals may not be able to exercise all of these rights if the crime of which the individual is a victim was not charged.

Section 3771(c)(2) of this Act requires that we advise you that you have the right to retain counsel. Although the statute specifically sets forth your right to seek advice of an attorney with regard to your rights under the statute, there is no requirement that you retain counsel. The Government may not recommend any specific counsel, nor can the Government (or the Court) pay for counsel to represent you. Government attorneys represent the United States.

If you elect to obtain counsel to represent your interests, please have your attorney notify this office in writing at: U.S. Department of Justice, Criminal Division, Fraud Section, 10th & Constitution Avenue, NW, Bond Building, 4th Floor, Washington, DC 20530, Attention: Victim Witness Unit; fax: (202) 514-3708; or email: victimassistance.fraud@usdoj.gov. If you elect not to retain counsel to represent your interests, you do not need to do anything.

Plea Agreements: Please be aware that many criminal cases are resolved by plea agreement between the Department of Justice and the defendant. You should also know that it is not unusual for a defendant to seek to negotiate a plea agreement shortly before trial is scheduled to begin. Plea agreements can be made at any time and as late as the morning of trial, leaving little or no opportunity to provide notice to you of the date and time of the plea hearing. If the court schedules a plea hearing in this case, we will use our best efforts to notify you of available information as soon as practicable. If you want to inform the prosecutor of your views regarding potential plea agreements, or any other aspect of the case, please contact the prosecutor assigned to this case or call the Victim Assistance Line toll-free at (888) 549-3945 or email us at victimassistance.fraud@usdoj.gov.