David Carmona, the proprietor of IcomTech, is sentenced to a ten-year penitentiary term.
David Carmona, the proprietor of IcomTech, was sentenced to 121 months in prison for his involvement in a crypto fraud that totaled $8.4 million. Additionally, his sentence encompasses approximately three years of supervised release. Damian Williams, the United States Attorney for the Southern District of New York, criticized Carmona for his role in the organization of the Ponzi scheme.
He alleged that Carmona deceived consumers by promising financial independence, only to engage in personal indulgence with their investments.
IcomTech’s David Carmona has been sentenced to 10 years in prison by US District Judge Jennifer Rochon for his involvement in a crypto fraud that totaled $8.4 million.
David Carmona and six other individuals established IcomTech in 2018, promoting it as a crypto mining and trading company that could generate profits for investors in exchange for purchasing crypto-related products. The company persuaded investors that they could double their returns within six months, but this was ultimately determined to be inaccurate.
Damian Williams, the United States Attorney, expressed his opinion on the matter: The claims were entirely false. In the aftermath of the scheme’s collapse, Carmona’s victims were at a loss. Carmona is now facing a significant amount of time in prison, as his days of defrauding honest individuals have come to an end.
Carmona will be subject to three years of supervised release in addition to his prison sentence. In January, Marco Ruiz Ochoa, the former CEO of IcomTech, was also sentenced to five years in prison as his co-conspirator.
In order to attract victims to invest in the scheme, Carmona and his associates organized expos and community presentations, travelling throughout the United States and abroad to actively promote the company. They frequently displayed the success of IcomTech by wearing extravagant clothing and accessories.
After investing, the scheme enabled investors to monitor their progress in the anticipated returns via an online portal. Nevertheless, the stated portal would display returns; however, the majority of investors would be unable to access the funds.
Investors had previously expressed apprehension regarding the challenge of withdrawing funds from their online accounts; however, the company’s executives responded with justifications.
At that time, IcomTech promoters were able to access the fund; however, it was suspected that they had withdrawn victim funds to purchase real estate and luxury products, as well as to organize their own parties and expos. They even persisted in their efforts to advertise the company, urging investors to claim their Icom tokens. Subsequently, numerous victims suffered losses as a result of the valuelessness of ‘Icom’.
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