IcomTech Ponzi Scheme Mastermind Sentenced to 10 Years for $8.4M Crypto Fraud

David Carmona, founder of IcomTech, has been sentenced to 10 years in prison for orchestrating a $8.4 million crypto Ponzi scheme. The fraudulent company promised investors doubled returns, but victims were left empty-handed as Carmona and his team misused funds for personal luxuries. Co-conspirator Marco Ruiz Ochoa also received a 5-year prison term earlier this year.

David Carmona, the mastermind behind the IcomTech Ponzi scheme, has been sentenced to 10 years in federal prison for his involvement in an $8.4 million cryptocurrency fraud. The sentence, handed down by US District Judge Jennifer Rochon, also includes three years of supervised release following his time in prison.

IcomTech’s Deceptive Promises

Founded in 2018, IcomTech marketed itself as a crypto mining and trading company that promised investors extraordinary returns. The company claimed that by purchasing certain crypto-related products, investors could double their profits within six months. These promises, however, were entirely fabricated.

US Attorney Damian Williams, who oversaw the case, condemned Carmona’s actions:

“It was all a lie. And when the scheme came crashing down, Carmona’s victims were left with nothing. Carmona’s days of scamming honest people are at an end, and he now faces substantial time in prison.”

While Carmona and his co-conspirators continued to market the scheme, investors were shown false returns on an online portal, but most could never access their funds.

Luxurious Lifestyle Fueled by Fraud

Carmona and other IcomTech executives actively promoted the company, traveling across the US and internationally, staging expos and community presentations to draw more victims. They often flaunted a lavish lifestyle, wearing expensive clothes and accessories, presenting a façade of success to lure in potential investors.

Despite growing concerns from investors, who struggled to withdraw their funds, IcomTech leaders provided endless excuses, while continuing to misuse the money for real estate, luxury items, and extravagant parties.

The scheme even pushed an “Icom” token, which ultimately held no value, causing further losses for victims.

Conclusion and Co-Conspirator Sentencing

In addition to Carmona’s sentence, IcomTech’s former CEO, Marco Ruiz Ochoa, was sentenced to five years in prison in January. The downfall of IcomTech serves as a cautionary tale for investors in the fast-moving cryptocurrency space, as Ponzi schemes continue to prey on those seeking quick profits.

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