David Carmona, the mastermind behind the cryptocurrency Ponzi scheme IcomTech, has been sentenced to 10 years in prison for wire fraud conspiracy. The scheme, which operated between 2018 and 2019, defrauded investors out of an estimated $8.4 million.
Promises of Financial Freedom
Carmona’s IcomTech preyed on working-class individuals, promising them financial freedom through investments in cryptocurrency trading and mining. He claimed that investors could double their money every six months, a promise that was never fulfilled. United States Attorney Damian Williams highlighted the fraudulent nature of IcomTech in a statement released on October 4, emphasizing that the company did not engage in any legitimate trading or mining activities.
“In reality, IcomTech was doing no such thing. It was all a lie. And when the scheme came crashing down, Carmona’s victims were left with nothing,” Williams said.
Carmona was sentenced to 121 months (over 10 years) in prison and will also face three years of supervised release following his prison term.
Lavish Expos and False Promises
To lure investors, Carmona and other IcomTech promoters hosted extravagant expos across the U.S. and internationally. These events featured luxury cars, lavish outfits, and boasts of financial success, all designed to convince attendees that they too could achieve wealth by investing in IcomTech.
However, soon after investing, victims began facing difficulties. They couldn’t withdraw the “profits” they saw in IcomTech’s online portal, encountering excuses, delays, and hidden fees. As complaints mounted, IcomTech tried to introduce a token called “Icoms,” falsely claiming it would be widely accepted by businesses. These tokens turned out to be worthless, adding to investors’ losses when IcomTech eventually collapsed in 2019.
Legal Consequences
Carmona pleaded guilty to wire fraud conspiracy in December 2023, bringing an end to the fraudulent scheme. Former IcomTech CEO Marco Ruiz Ochoa was sentenced to five years in prison earlier this year, and other IcomTech promoters, including David Brend and Gustavo Rodriguez, were convicted of wire fraud conspiracy in March.
