Ponzi’ scheme founder receives 10-year sentence in courtroom
David Carmona, the founding father of the cryptocurrency Ponzi scheme IcomTech, has been sentenced to 10 years in jail for his involvement in defrauding traders by way of false guarantees of economic success. The sentencing, which incorporates three years of supervised launch, was introduced by U.S. Lawyer Damian Williams on October 4, following Carmona’s responsible plea to conspiracy to commit wire fraud.
False Guarantees of Wealth
Carmona and his group lured working-class people into IcomTech by claiming their investments can be used for crypto buying and selling and mining, with guarantees of doubling their cash each six months. Nevertheless, this was removed from actuality. In accordance with Williams, the scheme preyed on unsuspecting victims, leaving many financially devastated once they had been unable to withdraw their supposed earnings.
Lavish expos throughout the U.S. and abroad had been held to draw potential traders, the place Carmona and different promoters flaunted costly automobiles, luxurious clothes, and tales of wealth, additional convincing individuals to half with their cash. Sadly, the promised monetary freedom was nothing however a lie.
Collapse of IcomTech
Between mid-2018 and late 2019, the Ponzi scheme raked in roughly $8.4 million from traders. Nevertheless, as complaints began pouring in about withdrawal points, Carmona and his group tried to lift more cash by introducing a token referred to as “Icoms.” They falsely claimed Icoms can be broadly accepted for funds, however the token was primarily nugatory, inflicting additional monetary hurt to traders.
By the top of 2019, IcomTech collapsed, and traders had been left with nothing. Carmona’s conviction follows the sentencing of former IcomTech CEO Marco Ruiz Ochoa, who was given a five-year jail time period earlier this yr. Moreover, two different promoters, David Brend and Gustavo Rodriguez, had been convicted of conspiracy to commit wire fraud in March.
Carmona’s jail sentence marks the top of his fraudulent actions, offering a way of justice for these whose lives had been affected by IcomTech’s collapse.
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