A New York jury has delivered a verdict in the case involving two former promoters of the alleged crypto mining and trading company IcomTech, finding David Brend and Gustavo Rodriguez guilty of wire fraud conspiracy. This conviction carries a maximum sentence of 20 years for their involvement in what authorities describe as a “Ponzi” scheme.
According to the U.S. Attorney’s Office for the Southern District of New York, David Carmona, the founder of IcomTech, hired Rodriguez in mid-2018 to create a website for the company. IcomTech purported itself as a crypto mining and trading firm, promising guaranteed daily returns to investors. However, prosecutors allege that the company was operating a Ponzi scheme, using investor funds to pay other investors instead of engaging in actual crypto trading or mining activities.
Rodriguez was involved in advising on the pricing of investment packages and fabricating daily returns, which investors could access through the website and a portal he maintained. Meanwhile, Brend and other promoters diverted substantial amounts of investor funds for personal use, including purchasing real estate, traveling, and hosting extravagant events to attract more investors.
Investors in IcomTech saw their purported profits increase in the portal but were unable to withdraw them, facing excuses, delays, and hidden fees when attempting to do so. Additionally, IcomTech introduced a token called “Icoms,” falsely claiming it would be accepted as payment by various companies, leading to further losses for investors when the scheme collapsed in 2019.
The scheme defrauded tens of thousands of individuals out of tens of millions of dollars, according to Damian Williams, the U.S. Attorney for the Southern District of New York. Brend and Rodriguez now face substantial prison sentences for their roles in the scheme. Brend is scheduled to be sentenced on June 27, followed by Rodriguez on June 28.
It’s worth noting that IcomTech’s former CEO, Marco Ochoa, was sentenced to five years in prison in January, while Carmona pleaded guilty to wire fraud conspiracy in December.
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