Two former promoters of IcomTech, David Brend and Gustavo Rodriguez, have been found guilty of wire fraud conspiracy by a New York jury. The conviction marks the end of a two-week trial.
Brend and Rodriguez were convicted of one count each of conspiracy to commit wire fraud. Prosecutors alleged that the company, touted as a crypto mining and trading firm, operated a Ponzi scheme, using investor funds to pay other investors.
The scheme involved fake daily returns and investment packages, attracting investors with promises of financial gains. Funds were misappropriated for personal expenses, including real estate and luxury items, instead of actual crypto trading or mining.
In response to rising complaints, IcomTech introduced a worthless token called "Icoms," falsely claiming it would be accepted by companies for payments. The collapse of IcomTech in 2019 led to further losses for investors.
The scheme defrauded tens of thousands of people, according to Damian Williams, the U.S. Attorney for the Southern District of New York. Brend and Rodriguez face substantial prison time for their crimes.
Brend and Rodriguez are scheduled for sentencing in June, following the conviction. IcomTech's former CEO, Marco Ochoa, has already been sentenced to five years in prison, while the company's founder, David Carmona, awaits sentencing after pleading guilty to wire fraud conspiracy.
The fraudulent activities of IcomTech have caused significant financial harm to investors, undermining trust in cryptocurrency ventures.
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