Ponzi’ scheme founder sentenced for 10 years after crypto fraud trial

Ponzi’ scheme founder receives 10-year sentence in court

David Carmona, the founder of the cryptocurrency Ponzi scheme IcomTech, has been sentenced to 10 years in prison for his involvement in defrauding investors through false promises of financial success. The sentencing, which includes three years of supervised release, was announced by U.S. Attorney Damian Williams on October 4, following Carmona’s guilty plea to conspiracy to commit wire fraud.

False Promises of Wealth

Carmona and his team lured working-class individuals into IcomTech by claiming their investments would be used for crypto trading and mining, with promises of doubling their money every six months. However, this was far from reality. According to Williams, the scheme preyed on unsuspecting victims, leaving many financially devastated when they were unable to withdraw their supposed profits.

Lavish expos across the U.S. and overseas were held to attract potential investors, where Carmona and other promoters flaunted expensive cars, luxury clothing, and tales of wealth, further convincing people to part with their money. Unfortunately, the promised financial freedom was nothing but a lie.

Collapse of IcomTech

Between mid-2018 and late 2019, the Ponzi scheme raked in approximately $8.4 million from investors. However, as complaints started pouring in about withdrawal issues, Carmona and his team attempted to raise more money by introducing a token called “Icoms.” They falsely claimed Icoms would be widely accepted for payments, but the token was essentially worthless, causing further financial harm to investors.

By the end of 2019, IcomTech collapsed, and investors were left with nothing. Carmona’s conviction follows the sentencing of former IcomTech CEO Marco Ruiz Ochoa, who was given a five-year prison term earlier this year. Additionally, two other promoters, David Brend and Gustavo Rodriguez, were convicted of conspiracy to commit wire fraud in March.

Carmona’s prison sentence marks the end of his fraudulent activities, providing a sense of justice for those whose lives were affected by IcomTech’s collapse.

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