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David Carmona, founder of cryptocurrency Ponzi scheme Icomtech, has been sentenced to more than 10 years in prison for defrauding investors with false promises of profits. His scheme targeted working-class people with the lure of financial freedom through cryptocurrency trading and mining, neither of which actually took place. Lavish exhibitions were organised to attract more victims, while funds from new investors were used to pay off previous ones.
Icomtech Ponzi scheme leader sentenced to 10 years in prison
The U.S. Attorney’s Office for the Southern District of New York announced Friday that David Carmona, founder of the Icomtech cryptocurrency Ponzi scheme, has been sentenced to 121 months in prison. U.S. District Judge Jennifer L. Rochon imposed the sentence after Carmona defrauded investors with false promises of profits related to #criptomonedas .
US Attorney Damian Williams detailed: “David Carmona was the mastermind behind the Icomtech cryptocurrency Ponzi scheme, which preyed on working-class people by promising them complete financial freedom in exchange for parting with their hard-earned money.” He added:
Carmona claimed that his victims’ money would be invested in cryptocurrency trading and mining, and that the profits from those activities would result in doubling their money within six months. In reality, Icomtech was doing none of that. It was all a lie.
Carmona launched#Icomtech in 2018, claiming to run a cryptocurrency mining and trading operation. According to prosecutors, “Carmona and the other Icomtech promoters falsely promised their respective victims, among other things, that profits from the companies’ cryptocurrency trading and mining would result in guaranteed daily returns on the victims’ investments and would double their money within six months.”
Crypto Ponzi leader receives 121-month prison sentence
David Carmona, founder of cryptocurrency Ponzi scheme Icomtech, has been sentenced to more than 10 years in prison for defrauding investors with false promises of profits. His scheme targeted working-class people with the lure of financial freedom through cryptocurrency trading and mining, neither of which actually took place. Lavish exhibitions were organised to attract more victims, while funds from new investors were used to pay off previous ones.
Leader of the #Ponzi Icomtech scheme sentenced to 10 years in prison
The U.S. Attorney’s Office, Southern District of New York, announced Friday that David Carmona, founder of the Icomtech cryptocurrency Ponzi scheme, has been sentenced to 121 months in prison. U.S. District Judge Jennifer L. Rochon imposed the sentence after Carmona defrauded investors with false promises of cryptocurrency-related profits.
US Attorney Damian Williams detailed: “David Carmona was the mastermind behind the Icomtech cryptocurrency Ponzi scheme, which preyed on working-class people by promising them complete financial freedom in exchange for parting with their hard-earned money.” He added:
Carmona claimed that his victims’ money would be invested in cryptocurrency trading and mining, and that the profits from those activities would result in doubling their money within six months. In reality, Icomtech was doing none of that. It was all a lie.
Carmona launched Icomtech in 2018, claiming to run a cryptocurrency mining and trading operation. According to prosecutors, “Carmona and the other Icomtech promoters falsely promised their respective victims, among other things, that profits from the companies’ cryptocurrency trading and mining would result in guaranteed daily returns on the victims’ investments and would double their money within six months.”
However, Icomtech never engaged in actual trading or mining, the Prosecutor's Office noted. Instead, Carmona and his co-promoters used funds from new investors to pay off previous victims and further promote the fraudulent scheme. Lavish exhibitions and presentations were held to attract more victims, with Carmona's team flaunting luxury cars and expensive clothing to maintain the illusion of success.
The scheme eventually collapsed in late 2019, leaving victims unable to withdraw funds and holding worthless tokens. Despite ongoing complaints, Icomtech’s promoters continued to accept investments. The Prosecutor’s Office continued:
In addition to the prison term, Carmona, 41, of Queens, New York, was sentenced to three years of supervised release.
What do you think about the Icomtech Ponzi scheme and the impact it had on its victims? Let us know in the comments section below.