Odaily Planet Daily News Marco Ruiz Ochoa, the former CEO of cryptocurrency Ponzi scheme IcomTech, pleaded guilty on Wednesday to conspiracy to commit telecommunications fraud, a crime that carries a maximum sentence of 20 years in prison.
IcomTech describes itself as a cryptocurrency mining and trading company, promising investors to purchase "so-called cryptocurrency-related investment products" in exchange for profits. The U.S. Attorney for the Southern District of New York said IcomTech’s cryptocurrency trading and mining operations did not exist and investors’ funds were used for other plans and personal expenses. (The Block)