Marco Ochoa entered a guilty plea for a single count of conspiracy to commit wire fraud in the U.S. District Court for the Southern District of New York on September 27, linked to a Ponzi scheme executed by IcomTech. Serving as IcomTech’s CEO from its inception in 2018 to 2019, Ochoa played a significant role in the scheme.
As per the U.S. Department of Justice’s announcement, IcomTech falsely promised daily investment returns, claiming to be a cryptocurrency mining and trading firm. The company organized extravagant expos and community events globally to lure investors and also launched its own cryptocurrency token, known as Icom. Contrary to its claims, IcomTech did not engage in any cryptocurrency mining, and investors were unable to withdraw the profits reflected in their accounts. The firm ultimately crumbled in late 2019. Charges were leveled against Ochoa and additional IcomTech executives in November 2022, with Ochoa now facing a potential 20-year prison term. U.S. Attorney Damian Williams emphasized the commitment to prosecuting fraudulent cryptocurrency activities, stating the guilty plea serves as a stark warning.
This development occurred shortly after the sentencing of Pablo Rodriguez, another Ponzi scheme co-founder from the AirBit Club, to 12 years of incarceration by another judge in the same district. Additionally, on September 27, the Commodity Futures Trading Commission (CFTC) declared charges against Mosaic Exchange and its CEO, Sean Michael. The exchange is accused of misleading investors to permit the undertaking of cryptocurrency-related “futures, swaps, and leveraged spot transactions” on their behalf. Commenting on the situation, CFTC commissioner Kristin Johnson highlighted the charges against Mosaic for trading digital asset derivatives on BitMEX and Binance, platforms previously accused by the CFTC of regulatory and procedural violations. Johnson urged for the introduction of regulations to address possible gaps in the emerging market structures.
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