IcomTech Founder David Carmona Sentenced to Prison
David Carmona, the founder of IcomTech, was sentenced to nearly 10 years in prison after being convicted of leading a crypto Ponzi scheme that targeted working-class individuals.
On Friday, U.S. District Judge Jennifer L. Rochon sentenced the 41-year-old Carmona to 121 months in prison, as stated by the U.S. Attorney's Office for the Southern District of New York. He pleaded guilty to one count of conspiracy to commit wire fraud.
Carmona established IcomTech in 2018, claiming it was a cryptocurrency mining and trading company that promised significant profits to investors purchasing specific 'purported cryptocurrency-related investment products.' However, prosecutors revealed that IcomTech did not actually engage in mining or trading activities. Instead, the firm utilized investor funds to pay returns to other investors and for personal benefit.
U.S. Attorney Damian Williams remarked, "David Carmona masterminded the IcomTech cryptocurrency Ponzi scheme, which preyed upon working-class people by promising them complete financial freedom in exchange for parting with their hard-earned money."
Carmona and his associates hosted extravagant expos to lure potential investors, flaunting their success with slogans of high earnings, expensive cars, and luxurious clothing, falsely implying legitimacy.
But when investors attempted to withdraw their funds in 2018, they confronted excuses, delays, and undisclosed fees. Despite numerous complaints, Carmona and other promoters continued to solicit investments. By the end of 2019, IcomTech ultimately collapsed.
Additionally, former IcomTech CEO Marco Ruiz Ochoa was sentenced to five years in prison in January.
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