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Founder of crypto ‘Ponzi’ scheme’ IcomTech sentenced to 10 years in penitentiary

Founder of crypto ‘Ponzi’ scheme’ IcomTech sentenced to 10 years in penitentiary

David Carmona used to be the “mastermind” within the serve of IcomTech’s “Ponzi scheme,” which netted an estimated $8.4 million from victims.

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Founder of crypto ‘Ponzi’ scheme’ IcomTech sentenced to 10 years in penitentiary

David Carmona, the founding father of the cryptocurrency “Ponzi” scheme IcomTech, has been handed a 10-twelve months penitentiary sentence for conspiracy to commit wire fraud.

Carmona used to be the “mastermind” within the serve of IcomTech, which “preyed upon working-class other folks by promising them total monetary freedom in alternate for parting with their in fact-earned cash,” United States Legal professional Damian Williams acknowledged in an Oct. 4 assertion.

The founder suggested investors the funds can be invested in crypto shopping and selling and mining activities and that profits would double each and every six months — however that used to be by no system the case, Williams acknowledged:

“In actuality, IcomTech used to be doing no such thing. It used to be all a lie. And when the scheme came crashing down, Carmona’s victims were left with nothing. Carmona’s days of scamming apt other folks are at an fracture, and he now faces tall time in penitentiary.”

Moreover the 121-month penitentiary time duration, Carmona used to be sentenced to a pair years of supervised release.

The IcomTech Ponzi scheme netted an estimated $8.4 million from victims between mid-2018 and the fracture of 2019.

Carmona and diverse promoters of IcomTech steadily traveled by technique of the US and foreign places, the set up they hosted “lavish expos” geared toward luring victims into the Ponzi scheme.

They would steadily arrive at these events in costly autos and wear luxurious clothing while boasting in regards to the cash they were earning to convince skill investors they would perhaps perhaps attain the same stage of monetary success.

Source: US Legal professional SDNY

Nevertheless those who were lured in began experiencing concerns soon after.

Many victims began complaining after they couldn’t withdraw the “profits” they saw obtain within the obtain portal and were steadily met with excuses, delays, and hidden prices from the IcomTech team within the event that they were in a living to originate withdrawals the least bit.

As complaints rose, IcomTech equipped a token called “Icoms” to grab additional cash on the counterfeit pronounce it can be accredited by firms in payments.

Icoms were in fact worthless and induced additional losses as IcomTech collapsed in 2019 and stopped making payments.

Related: Polymarket odds on who HBO will out as Satoshi Nakamoto desire Len Sassaman

Carmona pleaded responsible to wire fraud conspiracy in December 2023.

Feeble IcomTech CEO Marco Ruiz Ochoa used to be additionally sentenced to 5 years in penitentiary in January.

Meanwhile, IcomTech promoters David Brend and Gustavo Rodriguez were convicted of conspiracy to commit wire fraud in March.

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