TechFlow reported on October 5 that according to The Block, Jennifer L. Rochon, a federal judge in the Southern District of New York, sentenced IcomTech founder David Carmona to 121 months in prison on October 4. Carmona, 41, had previously pleaded guilty to one count of conspiracy to commit wire fraud. Prosecutors said Carmona founded IcomTech in 2018, claiming to be a cryptocurrency mining and trading company that promised to bring rich returns to investors. However, the company did not actually conduct any mining or trading activities, but used the funds to pay other investors and personal expenses. U.S. prosecutor Damian Williams said that the scam planned by Carmona mainly targeted the working class, promising them complete financial freedom.