David Carmona, the founder of the fraudulent cryptocurrency scheme IcomTech, has been sentenced to 10 years in prison for conspiracy to commit wire fraud. U.S. Attorney Damian Williams revealed the extent of Carmonaâs deception, explaining how he preyed on working-class individuals by promising financial freedom in exchange for their investments.
According to the prosecution, Carmona promised that funds would be invested in crypto trading and mining, with profits doubling every six months. However, this claim was nothing more than a façade.
âIn reality, IcomTech was doing no such thing. It was all a lie,â Williams stated in an October 4 statement. By the time the scheme fell apart, investors had lost everything, leaving them with no return on their hard-earned money.
IcomTech, active between mid-2018 and late 2019, managed to defraud victims of approximately $8.4 million. Carmona, the mastermind behind the operation, will now serve 121 months in prison, followed by three years of supervised release.
A Trail of Broken Promises
IcomTech promoters, including Carmona, traveled across the U.S. and abroad, hosting extravagant expos to entice investors. They would arrive at these events in luxury cars, flaunting wealth through expensive clothing and jewelry. Their aim was clear: to convince potential victims that they too could attain immense financial success. However, problems arose soon after people began investing.
Investors complained about their inability to withdraw profits displayed on the IcomTech portal. Instead of receiving their earnings, they were met with excuses, delays, and hidden fees. To raise more cash, IcomTech introduced its own token, âIcoms,â falsely claiming it would be widely accepted by merchants. The token, which turned out to be worthless, further deepened the losses for those involved. IcomTech eventually collapsed in 2019, leaving investors in the lurch.
Criminal Convictions Extend Beyond Carmona
David Carmona pleaded guilty to wire fraud conspiracy in December 2023, acknowledging his role in orchestrating the Ponzi scheme. But Carmona wasnât the only one held accountable.
Former IcomTech CEO, Marco Ruiz Ochoa, was sentenced to five years in prison earlier in January 2024, while two other promoters, David Brend and Gustavo Rodriguez, were convicted in March of conspiracy to commit wire fraud. Their sentences, though lesser, add to the unraveling of a scam that impacted the financial lives of many.
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