David Carmona, founder of the Icomtech cryptocurrency Ponzi plot, has been sentenced to over 10 years in reformatory for defrauding traders with untrue promises of earnings. His plot targeted working-class contributors with the entice of monetary freedom through cryptocurrency trading and mining, none of which truly occurred. Lavish expos had been held to entice extra victims, while recent traders’ funds had been frail to pay earlier ones.
Icomtech Ponzi Blueprint Chief Sentenced to 10 Years in Prison
The U.S. Licensed legitimate’s Place of job, Southern District of Novel York, introduced on Friday that David Carmona, founder of the cryptocurrency Ponzi plot Icomtech, has been sentenced to 121 months in reformatory. U.S. District Mediate Jennifer L. Rochon imposed the sentence after Carmona defrauded traders through untrue promises of cryptocurrency-connected earnings.
U.S. Licensed legitimate Damian Williams detailed: “David Carmona masterminded the IcomTech cryptocurrency Ponzi plot, which preyed upon working-class contributors by promising them total monetary freedom in commerce for parting with their exhausting-earned cash.” He added:
Carmona claimed that his victims’ cash could perhaps perchance be invested in cryptocurrency trading and mining, and that earnings from those activities would end result in victims doubling their cash inner six months. If truth be told, Icomtech was doing no such element. It was all a lie.
Carmona launched Icomtech in 2018, claiming to high-tail a cryptocurrency mining and trading operation. In line with prosecutors, “Carmona and the other promoters of Icomtech falsely promised their respective Victims, among other things, that earnings from the firms’ cryptocurrency trading and mining would end result in assured day after day returns on Victims’ investments and doubling their cash inner six months.”
On the other hand, Icomtech never engaged in precise trading or mining, the Licensed legitimate’s Place of job famous. As a substitute, Carmona and his co-promoters frail funds from recent traders to pay off earlier victims and additional promote the untrue plot. Lavish expos and displays had been held to entice extra victims, the place Carmona’s team flaunted luxurious vehicles and costly garments to have the illusion of success.
The plot in the slay collapsed by the slay of 2019, leaving victims unable to withdraw funds and retaining nugatory tokens. Despite ongoing complaints, Icomtech promoters endured to accept investments. The Licensed legitimate’s Place of job endured:
Moreover the reformatory interval of time, Carmona, 41, of Queens, Novel York, was sentenced to a couple years of supervised open.
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