IcomTech Founder Sentenced for Crypto Ponzi Scheme

David Carmona, founder of IcomTech, was sentenced to nearly 10 years in prison after his firm was labeled a crypto Ponzi scheme. Prosecutors stated he “preyed upon working-class people.”

Carmona, 41, received a 121-month sentence from U.S. District Judge Jennifer L. Rochon, as reported by the U.S. Attorney’s Office for the Southern District of New York. He had previously pleaded guilty to one count of conspiracy to commit wire fraud.

Founded in 2018, IcomTech was marketed as a crypto mining and trading company. However, it failed to deliver on its promises to investors who purchased purported cryptocurrency-related investment products. Instead, the firm utilized investor money to pay other investors and for personal use.

U.S. Attorney Damian Williams described Carmona as the mastermind behind the scheme, which misled working-class individuals into believing they would gain financial freedom in exchange for their investments.

Promoters of IcomTech hosted extravagant expos and used expensive cars and luxury clothing to project an image of success, further enticing potential investors. These events aimed to create excitement about the investment opportunities.

When investors sought to withdraw their funds in 2018, they faced excuses, delays, and hidden fees. Despite numerous complaints, Carmona and other promoters continued to solicit investments until the company’s collapse in late 2019.

Additionally, former IcomTech CEO Marco Ruiz Ochoa was sentenced to five years in prison in January.