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, on July 30th Reynoso was denied pre-trial release.
In arguing for Reynoso’s detention at the July 23rd second hearing, the DOJ brought up
Reynoso’s involvement in
Thrive99X
, a recently launched MLM pyramid scheme;
Reynoso failing to disclose his involvement in Thrive99X to pretrial services;
a real-estate listing for Reynoso’s Miami property, stating the “seller [is] motivated]”;
over $21.4 million deposited into Reynoso’s Binance account between 2021 and 2023, of which less than $2 million has been recovered to date;
concerns about Reynoso’s “extensive liquid and potential undisclosed assets”, including noncustodial cryptocurrency wallets only Reynoso has access to;
financial statements suggesting Reynoso has laundered money through ReyFer Digital, a company owned by Reynoso “and various third parties”;
Reynoso’s prior involvement in the MLM Ponzi schemes
AirBit Club
,
Crypto World Evolution
,
iComTech
and
Tea Miner
;
Reynoso acknowledging “AirBit Club and iComTech were Ponzi schemes”;
Reynoso refusing to “disclose the amount of cryptocurrency he has access to” to pretrial services;
Reynoso reporting “only one bank account” to pretrial services, despite being arrested “with a debit card” from a Spanish bank “in someone else’s name”, personally owning another Peruvian bank account and a South Korean bank account in ReyFer Digital’s name;
Reynoso engaging with human smugglers to transport a girlfriend from the Bahamas into the US; and
Reynoso failing to comply with a
prior Puerto Rico Judge’s order
, resulting in over $1.4 million in fines growing by $10,000 a day;
Considering the potential danger to the community and risk of flight posed by Defendant, the Government argues no conditions of release could protect the community and ensure Mr. Reynoso’s appearance before the Court.
Requiring Mr. Reynoso to remain at his house and submit to electronic monitoring would not stop him from continuing to engage in business ventures such as Thrive99X, potentially harming customers and investors.
The Government —and other governments— lack the ability to control and monitor cryptocurrency, making it difficult to know how many assets Mr. Reynoso has and how he is interacting with them.
This is shown by the millions of dollars from OmegaPro investments that remain hidden from the Government.
In his defense and in favor of pre-trial release, Reynoso argued;
he had strong ties to the US through four children and grandchildren;
his refusals to disclose cryptocurrency assets “were made on the advice of his attorney and were not meant to show a lack of counsel to the Court”;
his Florida property was off t
🤖 Quick Answer
What happened with Juan Carlos Reynoso's pretrial release in the OmegaPro case?Following his arrest on June 30 as a top OmegaPro Ponzi promoter, Reynoso was initially granted release. However, the DOJ filed an emergency motion on July 3 challenging that order. After a second hearing on July 23, the court denied Reynoso pretrial release on July 30.
Why did the DOJ argue for Juan Carlos Reynoso's detention?
The DOJ presented evidence that Reynoso was involved in Thrive99X, a recently launched MLM pyramid scheme, and had failed to disclose this involvement to pretrial services. Prosecutors also cited a motivated-seller listing for his Miami property and over $21.4 million deposited into his Binance account since 2021.
**What is OmegaPro and why were its
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Michael Shannon Sims