OmegaPro @ BehindMLM

Following the arrest of top OmegaPro Ponzi promoter Juan Carlos Reynoso on June 30th, the DOJ was initially denied a motion seeking pre-trial detention. The DOJ filed an emergency motion challenging the order on July 3rd. The court stayed Reynoso’s release and held a second hearing on the matter on July 23rd. Following the hearing, [Continue reading…]

OmegaPro’s Michael Shannon Sims and Juan Carlos Reynoso have been arrested.

The FBI is seeking information from victims of the OmegaPro Ponzi scheme.

Following an interim $1.1 million distribution payment and pending $200,000 final distribution payment, the SAEG Receiver has filed a motion requesting the Receivership be closed.

Top Traders Domain Ponzi promoter Holton Buggs has consented to surrender multiple assets to a court-appointed Receiver. Following sanctions for non-cooperation in February, Buggs’ asset settlement was filed on June 2nd.

A proposed The Traders Domain victim claims process was approved on April 29th. As per the approval order, The Traders Domain victims have until July 28, 2025 to file claims.

The SAEG Receiver has received permission to make an interim distribution to victims of the Ponzi. The Receiver states however that the distribution payment will be “minimal”.

Pursuant to a granted seizure warrant on January 31st, 2025, the DOJ has moved to seize 119.65 bitcoin from Juan Carlos Reynoso. Reynoso is a serial promoter of MLM Ponzi schemes but, as of yet, details surrounding the case tied to the seizure are unclear. Here’s what we do know:

The SEC has dropped Oscar Garcia from its ongoing Batched investigation.

Following contempt proceedings initiated against him, Alejandro Santiestaban, aka Alex Santi, has been ordered to cooperate with the Traders Domain Receiver. Santi will also foot half the Receiver’s legal costs in getting him to follow the court’s orders.