Crypto Ponzi Scheme Founder Sentenced to 10 Years

David Carmona, the mastermind behind the IcomTech cryptocurrency Ponzi scheme, has been sentenced to 10 years in prison. The scheme defrauded victims out of an estimated $8.4 million.

Carmona and his associates lured investors into the Ponzi scheme with promises of substantial returns. They claimed that funds would be invested in cryptocurrency trading and mining activities, leading to significant profits. However, the reality was far different.

The IcomTech team used deceptive tactics to convince victims to invest their money. They hosted lavish events, flaunted their wealth, and made unrealistic promises of financial freedom. Once investors were hooked, they faced difficulties withdrawing their funds. IcomTech offered excuses, delays, and hidden fees, making it nearly impossible for victims to recover their money.

As complaints from victims mounted, IcomTech launched a token called “Icoms” to raise additional funds. However, the token was essentially worthless, and the scheme eventually collapsed in 2019.

Carmona pleaded guilty to wire fraud conspiracy in December 2023. He was sentenced to 10 years in prison and three years of supervised release. Other individuals involved in the scheme, including Marco Ruiz Ochoa, David Brend, and Gustavo Rodriguez, have also faced legal consequences.

The IcomTech Ponzi scheme serves as a stark reminder of the risks associated with investing in cryptocurrency projects. It is essential to conduct thorough research and exercise caution when considering investment opportunities. Investors should be wary of unrealistic promises of high returns and be vigilant for signs of fraudulent activity.