Promoters of defunct forex ponzi scheme, Omegapro charged for $650m scam

Two operators of a defunct forex trading company, Omegapro, are set to face at least 20 years’ imprisonment each in the United States for operating a global multilevel scam. The company operated globally and in Nigeria between 2019 and 2023.

The accused, alongside others, were involved in a cryptocurrency investment scheme that allegedly defrauded victims of more than $650 million across 160 countries. They now face charges of conspiracy to commit money laundering and wire fraud, each carrying a maximum sentence of 20 years in prison. 

According to CNBC news, the case before the United States Department of Justice accused Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, of operating and promoting Omegapro.

The U.S. Internal Revenue Service’s Chief of Criminal Investigations, Guy Ficco, described the case as an ultimate discovery that unmasked the reality of modern financial crime. He added that “OmegaPro promised financial freedom but delivered financial ruin.”

The Federal Prosecutors noted that between 2019 and 2023, Sims and Reynoso lured thousands of victims globally to purchase investment packages in digital assets, claiming that the funds would be managed by top forex traders.

However, Omegapro was a Ponzi scheme.

To make the platform appear legitimate, the pair projected the Omegapro logo onto the Burj Khalifa, Dubai’s tallest building, on their social media page. They also flaunted their wealth on social media.

Later, when the company suffered a hack, the operators told victims their funds had been transferred to a new platform called Broker Group, while users were unable to withdraw their funds from either platform.

Remember Omegapro?

Dubai-based Omegapro devised a crypto multi-level marketing scheme that promised investors 300% returns over 16 months through forex trading. During the process, over $100 billion of depositors’ funds were remitted to the company via cryptocurrency and dollar transfers. 

In 2022, the director of the Omegapro Team in Nigeria, Daniel Onoja, described the platform as an effort to empower global citizens and reduce poverty. He noted that the world is embracing the power of the internet to break the shackles of poverty. 

“Omegapro platform is here to present Nigerians a huge opportunity for them to diversify their resources into viable digital opportunities,” he said.

In its operational scheme, users register with their bank name, account number, mobile phone number, and a method of payment, and activate their membership on the platform. By trading, members were promised daily proceeds in digital assets. 

Members were also promised generous compensation and career plans that reward business recommendations and expansion in different amazing ways, both in cash and incentives.

Like other Ponzi schemes, all these fizzle out, with no trace of funds committed to the operation by Nigerians.

Also Read: CBEX: EFCC arraigns 2 other promoters in court.

Petition against Omogepro

A petition on Change.org by a group tagged “the concerned citizens of Nigeria” to the Federal government in 2023, noted that Omegapro was introduced to Nigerians with a deceptive facade: impressive testimonials, crafted credibility and endorsements by Nigerian influencers. 

Some of the top Omegapro agents include Daniel Onoja, Tomiwa Orunnipin, Samuel Ajibare, Grace Udenwa Udoye, Wuraola Fadairo Orunupin, Olaosebikan Oladapo, Maryann Ilorah, Chinwe Ikpe, and Bamidele Ajibare Samuel.

Others are Ajibare Olushola Ebunoluwa, Dotun Fatoyinbo, Leo Bonaventure Igboanugo, Dr. Afoma Nwolisa, and Matthew Ogunmodede.

The 2023 petition explained that some of the agents reportedly earned between $20,000 and $50,000 a week and annual commissions exceeding $3,000,000. 

They presented respected international figures like Les Brown, Eric Worre, Eric Thomas, etc., who endorsed their company, the petition reads. Also, they partnered with world-class celebrities and footballers, including Ronaldinho, JJ Okocha, Vinicius, and many others, as their ambassadors.

“To further seal the deal of credibility, they also showed pictures of several Dubai princes and even videos of the Dubai Sheikh himself and other Dubai princes attending their Omegapro events in Dubai as part of the elaborate strategy to sell the Dubai-based Omegapro Forex Business as a legitimate business,” the petition added.

Between 2019 and 2023, about 250,000 Nigerians, including over 10,000 who formed themselves into the Omegapro Action Nigeria (OPANI) class Action, invested over N200 billion in the forex trading company with the expectation of profits from their trading activities.

Meanwhile, operators of the scheme, with their Nigerian agents, disappeared with investors’ funds.

Omegapro joins a list of Ponzi scheme operations in Nigeria. These include CBEX (2024-2025), MMM (Mavrodi Mondial Moneybox, 2015-2016), and GetHelp (2017).