Crypto Ponzi Scheme Founder Sentenced to 10 Years in Prison

The scheme targeted working class individuals, promising them financial freedom.

David Carmona, founder of the IcomTech crypto scheme, was sentenced to 10 years in prison for conspiracy to commit wire fraud.

US Attorney Damian Williams described Carmona as the “mastermind” behind IcomTech, a fraudulent scheme that targeted working-class individuals by promising them financial freedom in exchange for their money.

Carmona assured investors that their funds would be invested in cryptocurrency trading and mining, claiming that profits would double every six months.

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Between mid-2018 and the end of 2019, the IcomTech Ponzi scheme defrauded victims of approximately $8.4 million. Carmona and other promoters traveled extensively, staging large trade shows to attract victims, often arriving in luxury vehicles while bragging about their profits.

Victims soon encountered problems withdrawing the “winnings” from their accounts, running into excuses and hidden fees. The complaints prompted IcomTech to introduce a token called “Icoms,” falsely claiming it would be accepted by companies. These tokens have proved useless since IcomTech collapsed in 2019.

In December 2023, Carmona pleaded guilty to conspiracy to commit wire fraud. Former CEO Marco Ruiz Ochoa was sentenced to five years in prison in January.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.