The U.S. Federal Court has ruled that five individuals involved with IcomTech, a cryptocurrency Ponzi scheme, must pay over $5 million in damages and penalties. 🌐

IcomTech operated from 2018 to 2019, advertising itself as a cryptocurrency platform with daily returns of up to 2.8%. However, investigations revealed that no trading or mining activities took place. Instead, the defendants used the funds for personal purposes.

David Carmona and David Brend were sentenced to 10 years in prison, while Marco A. Ruiz Ochoa received a 5-year sentence. Two other defendants faced financial penalties and were banned from participating in CFTC-regulated activities. ⚖️