Cryptocurrency Promoter Sentenced To 10 Years For Fraud

According to ShibDaily, a Manhattan judge has sentenced David Brend, a cryptocurrency salesman and promoter of IcomTech, to 10 years in prison following his conviction for conspiracy to commit wire fraud. Brend was found guilty for his role in promoting the fraudulent cryptocurrency mining and trading platform, IcomTech, in March 2024. On December 2, Judge Jennifer Rochon of the U.S. District Court for the Southern District of New York handed down the sentence, requiring Brend to serve his time at the Federal Prison Camp in Pensacola, Florida. This sentencing follows the conviction of another IcomTech promoter, Gustavo Rodriguez, who received an eight-year prison term about a month earlier. Judge Rochon highlighted that the severe sentences were intended to deter others from engaging in similar fraudulent activities within the cryptocurrency sector. The U.S. Attorney’s Office for the Southern District of New York reported that Brend collaborated with David Carmona to operate IcomTech, which falsely promised investors guaranteed daily returns. Prosecutors revealed that the funds from investors were misused to pay other victims, further promoting the scheme and enriching the perpetrators, with no actual cryptocurrency mining taking place. Brend played a significant role as a "face-to-face salesman" for IcomTech, actively promoting the fraudulent platform and its deceptive promises of high returns. U.S. Attorney Damian Williams stated that Brend and Rodriguez, along with others, defrauded thousands of individuals out of millions of dollars. The promoters enhanced their scam by attending expos in luxury cars and wearing expensive clothing, creating a facade of wealth to lure investors into believing in the company's ability to deliver substantial returns. Brend also traveled across the country to persuade potential victims to invest in the platform, promising them "financial freedom" through its investment products. The indictment described IcomTech as a Ponzi scheme that defrauded users of over $8 million between 2018 and 2019. In 2022, David Carmona, identified as the alleged "mastermind" behind the IcomTech Ponzi scheme, was arrested and sentenced to 10 years in prison in October. Similarly, the former CEO of the company, Marco Ochoa, was sentenced to five years in January 2024 after pleading guilty to conspiracy to commit wire fraud. As part of his sentence, Brend has been ordered to pay $40,000 in forfeiture and is required to surrender to prison authorities on December 16.