David Carmona, the mastermind behind a cryptocurrency Ponzi scheme called IcomTech, is going to jail for 10 years.
How the Scam Worked
Carmona and his crew started IcomTech in 2018, pretending it was a legit crypto mining and trading company. They promised investors big returns on their investments, saying they could double their money in just six months.
They lured people in with fancy presentations and used their money to pay off early investors and live a lavish lifestyle. They even created their own cryptocurrency called “Icoms,” which they claimed would be valuable, but it was all a lie.
The Scheme Collapses
Eventually, people started to realize they couldn’t withdraw their money from IcomTech. The platform kept making excuses, delaying withdrawals, and charging hidden fees.
The whole thing fell apart when the US authorities investigated and discovered the scam.
Carmona Faces Justice
Carmona was charged with wire fraud and pleaded guilty. In October 2024, he was sentenced to 10 years in prison and three years of supervised release.
The US Attorney for the Southern District of New York, Damian Williams, said, “Carmona’s days of scamming honest people are at an end.”
What’s Next for IcomTech?
Marco Ruiz, Ochoa, the former CEO of IcomTech, is already serving a five-year prison sentence.
This case is a reminder that not everything that glitters in the crypto world is gold. Be careful who you trust and always do your research before investing.
