As known from:
known from Coinwireknown from Benchknown from Coinindex
  • About CryptoGmblr.com
Contains commercial content
Cryptogambling / Former IcomTech executive pleads guilty to crypto Ponzi scheme

Former IcomTech executive pleads guilty to crypto Ponzi scheme

Publish Date: 28/09/2023
3 w, tags: icomtech guilty crypto ponzi - images.unsplash.com

3 w – images.unsplash.com

Former IcomTech CEO Marco Ruiz Ochoa has pleaded guilty to plotting a crypto Ponzi scheme. The Commodity Futures Trading Commission (CFTC) has also brought charges against other IcomTech executives and individuals involved in the case.

The case is currently handled by the Money Laundering and Transnational Criminal Enterprises Unit of the United States Justice Department. According to court filings, IcomTech, founded in 2018 by David Carmona, promised investors daily returns on crypto investment products offered by the entity.

However, this claim was false, as the company did not engage in any crypto trading or mining. “In reality, IcomTech did not engage in cryptocurrency trading or mining for its investors,” prosecutors said, “and OCHOA and IcomTech’s other promoters used victim funds to pay other victims to further promote the schemes and to enrich themselves.”

This makes IcomTech a Ponzi scheme, which is an investment fraud that repays existing investors with funds collected from new investors.

To entice victims, IcomTech dressed in luxury apparel when they hosted events, arriving there in expensive cars. In these events, IcomTech promoters would introduce investment products and compensation plans to potential customers, presenting them as a means of achieving financial freedom.

“The atmosphere of these events was festive and designed to generate excitement about the schemes,” prosecutors said.

In 2018, when victims attempted to withdraw their funds, they encountered several roadblocksΒ β€” excuses, delays and extra charges.

“Despite these complaints, IcomTech promoters, including Ochoa, continued to promote IcomTech and accept victims’ investments,” prosecutors said.

As complaints mounted, IcomTech began issuing proprietary crypto-tokens for sale, which were promoted as profitable investments once they were widely accepted by companies for payment for goods and services. In reality, the Icom tokens were created to inject liquidity into the company. Prosecutors explained that the tokens were “essentially worthless and resulted in further financial loss.”

By the end of 2019, IcomTech had stopped sending funds to both victims and promoters. They also stopped responding to the complaints from their user base.

Ochoa’s trial scheduled for February

Pleading guilty before the U.S. District Judge Jennifer L. Rochon, Ochoa is facing a maximum sentence of 20 years behind bars. His trial is scheduled for February 12, 2024.

The U.S. Justice Department remarked that this case sends a clear message that anyone who seeks to exploit cryptocurrency to commit fraud will face consequences. Individuals and businesses must adhere to regulatory standards to build a safe digital asset market.

“Again and again, we see perpetrators taking advantage of the hype around cryptocurrency to con unsuspecting victims into investing in pyramid schemes,” U.S. Attorney Damian Williams said.

“IcomTech was one of these large-scale copycat cryptocurrency scams, and Ochoa, as the purported CEO, played an important role in taking IcomTech to scale and ultimately harming more victims. Today’s guilty plea sends a clear message that we are coming after all of those who seek to exploit cryptocurrency to commit fraud.”

Victims of the IcomTech fraud are now encouraged to consult the United States Justice Department for updated information regarding the case, victims’ rights and contact information for the victim and witness coordinator.

Top Online Casinos
Top Casinos Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
7.500 Gold Coins + 2,5 Sweepstakes Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 70,000 Lucky Coins and 44 Sweeps Coins
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75M WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5
Latest News
Charles Hoskinson forecasts Altcoin season showdown: ADA vs. DOGE
Cardano (ADA) Faces Dual Meme Coin Competition where ...
Top 5 AI cryptocurrencies ready to thrive during the next bull market
New crypto ventures merge the groundbreaking capabilities of ...
Top Crypto Exchange Sites
Crypto Exchange Guide
  • Crypto Exchanges
  • Betting Exchange
Top Brands
Top Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
7.500 Gold Coins + 2,5 Sweepstakes Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 70,000 Lucky Coins and 44 Sweeps Coins
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75M WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPGCloudflareSSLcoΒ² neutral
Close
Players accepted in the US US Flag
Stake.us Exclusive Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Go to Stake.us
Visit Site
T&Cs apply, 18+
Payment Methods
Bitcoin
Litecoin
Ethereum
Dogecoin
Highlights
  • Exclusive promo code: CRYPTGAMBL
  • Play Stake Originals games for free
  • Get free Stake Cash daily just by logging in
Stake Originals
Dice
Crash
Plinko
Mines
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site