💥 Individuals involved in IcomTech's 'Ponzi' scheme must pay over 5 million USD for fraud.
A court in California has sentenced five individuals involved in IcomTech's 'Ponzi' scheme to pay over 5 million USD for fraud and misappropriation of funds from a fraudulent Bitcoin trading scheme.
The defendants, including David Carmona, Juan Arellano Parra, Moses Valdez, David Brend, and Marco A. Ruiz Ochoa, defrauded over 1 million USD from 190 victims in the US and other countries.
The court concluded that the defendants violated the Commodity Exchange Act and the regulations of the Commodity Futures Trading Commission (CFTC), with a ruling requiring them to pay fines and restitution to the victims.
Each was fined 1 million USD, and a total of over 5 million USD will be returned to the victims.
IcomTech, which operated from mid-2018 to late 2019, promised a 100% return after every six weeks of investment, but instead of investing in Bitcoin, the group misappropriated the investors' funds. Carmona and his accomplices were sentenced to prison, with Carmona facing up to 10 years in prison.
