Author: Redazione; Source: decripto
David Carmona, the founder of cryptocurrency company IcomTech, has been sentenced to 121 months (a little over 10 years) in prison for running a Ponzi scheme in the cryptocurrency industry. According to the U.S. Attorney's Office for the Southern District of New York, Carmona, 41, and his company defrauded investors by falsely promising huge gains from cryptocurrency mining and trading.
IcomTech was founded in 2018 and presented itself as a cryptocurrency mining and trading platform. Carmona and other executives promised investors high returns if they purchased cryptocurrency-related investment products offered by IcomTech. However, prosecutors determined that the company never engaged in mining or trading. Instead, IcomTech operated like a Ponzi scheme, using funds from new investors to repay previous investors, while large sums were diverted for personal use by Carmona and other promoters of the company. One of IcomTech’s main means of attracting investors was organizing lavish exhibitions. At these events, promoters, including Carmona, showed off luxury cars, designer clothes, and lavish lifestyles to project an image of success. Prosecutors noted that these events were designed to generate interest in the investment opportunities offered by IcomTech and deceive many working-class investors. These events also served to further increase investment in the system. Participants were attracted by the so-called success of Carmona and his colleagues, many of whom claimed that they had made gains on their investments in IcomTech. In reality, the funds generated did not come from legitimate cryptocurrency trading or mining activities, but were taken from new investors to support the scheme.
In 2018, investors began to have trouble withdrawing their funds from IcomTech. Instead of receiving their money, they were met with delays, pushbacks, and further charges. Despite the mounting complaints, Carmona and other promoters continued their fraudulent scheme and accepted new investments. By the end of 2019, IcomTech collapsed, and many investors suffered severe financial losses. The U.S. Attorney’s Office revealed that Carmona and his associates took advantage of working-class people and offered them false promises of financial independence in exchange for their savings.
David Carmona pleaded guilty to one count of conspiracy to commit wire fraud and was sentenced to 121 months in prison. In addition to his prison sentence, Carmona must also reimburse investors who were defrauded. In sentencing, District Judge Jennifer L. Rochon emphasized the severity of the financial losses inflicted on the victims. Former IcomTech CEO Marco Ruiz Ochoa was also convicted earlier this year for his role in the scam. He was sentenced to five years in prison for his role in the investor scam.
In 2023, cryptocurrency-related fraud surged by 45%, leading to over $5.6 billion in losses, with investment scams being the most significant contributor. The FBI highlighted that elderly individuals are particularly vulnerable, and emerging scams like those involving crypto ATMs and play-to-earn schemes are on the rise, urging increased vigilance and regulatory measures.
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