IcomTech Founder Sentenced To 10 Years For Wire Fraud

According to Cointelegraph, David Carmona, the founder of the cryptocurrency Ponzi scheme IcomTech, has been sentenced to 10 years in prison for conspiracy to commit wire fraud. Carmona was identified as the mastermind behind IcomTech, which targeted working-class individuals by promising them financial freedom in exchange for their investments. United States Attorney Damian Williams stated that Carmona misled investors by claiming their funds would be used for crypto trading and mining, with profits doubling every six months. However, these promises were false, and when the scheme collapsed, victims were left with nothing. Carmona's sentence includes a 121-month prison term and three years of supervised release. The IcomTech Ponzi scheme defrauded victims of approximately $8.4 million between mid-2018 and the end of 2019. Carmona and other promoters traveled across the US and overseas, hosting extravagant expos to attract victims. They often arrived in expensive cars and wore luxurious clothing to create an illusion of financial success, convincing potential investors to join the scheme. However, many victims soon faced difficulties withdrawing their supposed profits, encountering excuses, delays, and hidden fees from the IcomTech team. As complaints increased, IcomTech introduced a token called 'Icoms' to raise additional funds, falsely claiming it would be accepted by companies for payments. These tokens were essentially worthless, leading to further losses when IcomTech collapsed in 2019 and ceased making payments. Carmona pleaded guilty to wire fraud conspiracy in December 2023. Other key figures in the scheme, including former IcomTech CEO Marco Ruiz Ochoa and promoters David Brend and Gustavo Rodriguez, have also been convicted and sentenced for their roles in the fraud.