icomtech

According to Decrypt, IcomTech senior salesman Magdaleno Mendoza was sentenced to 71 months in prison by a U.S. federal court for operating a cryptocurrency Ponzi scheme targeting Hispanic investors.The scheme masqueraded as cryptocurrency mining and trading, promising fixed returns, but was actually a typical multi-level marketing model. The court also ordered Mendoza to pay nearly $790,000 in restitution and forfeited $1.5 million in assets. According to the U.S. Attorney's Office for the Southern District of New York, IcomTech was established in mid-2018 and collapsed by the end of 2019, resulting in millions of dollars in losses for investors. Mendoza had promoted at least two other crypto scams and was involved in three similar schemes after the collapse of IcomTech.

ChainCatcher news, according to Cointelegraph, a California court has ordered five individuals involved in the IcomTech "Ponzi scheme" to pay over $5 million for fraud and misappropriation of stolen funds through a fake Bitcoin trading scheme.The U.S. Commodity Futures Trading Commission (CFTC) stated in a press release on December 11 that a default judgment found David Carmona, Juan Arellano Parra, Moses Valdez, and David Brend liable for all violations of the Commodity Exchange Act and CFTC regulations alleged in the complaint, while Marco A. Ruiz Ochoa received a consent order.

ChainCatcher news, according to a statement released by the U.S. Attorney's Office for the Southern District of New York, U.S. District Judge Jennifer L. Rochon sentenced 41-year-old IcomTech founder David Carmona to 121 months in prison on Friday. Carmona had previously pleaded guilty to a charge of conspiracy to commit telecommunications fraud.

ChainCatcher news, according to Inner City Press, the former CEO of the large cryptocurrency Ponzi scheme "IcomTech," Marco Ruiz Ochoa, has been sentenced to 5 years in prison.

ChainCatcher news, former IcomTech executive Marco Ruiz Ochoa has pleaded guilty to his role in a cryptocurrency Ponzi scheme, admitting to a charge of conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison.IcomTech is a so-called cryptocurrency mining and trading company that promised profits to investors in exchange for their purchase of "so-called cryptocurrency-related investment products," in which Marco Ruiz Ochoa and others promised profits from the company's cryptocurrency trading and mining operations to provide daily returns. Prosecutors stated that IcomTech's cryptocurrency trading and mining operations did not exist, and the investors' funds were used for other schemes and personal expenses.

ChainCatcher news, the U.S. Department of Justice disclosed on social media that the agency has charged 9 individuals related to 2 alleged fraudulent crypto projects, IcomTech and Forcount.Both companies claim to be cryptocurrency mining and trading firms, allowing users to invest in cryptocurrency using cash, checks, and wire transfers. The investment products they launched promised high returns, but prosecutors found that neither company actually engaged in trading or cryptocurrency mining, and the tokens they issued had no real value but were part of a Ponzi scheme. It is reported that the case will be handled by the U.S. Department of Justice's Money Laundering and Asset Recovery Section. (source link)