David Brend and Gustavo Rodriguez, key figures within the cryptocurrency Ponzi scheme Icomtech, had been sentenced to 10 and eight years in jail, respectively, for defrauding hundreds of traders. Icomtech falsely marketed itself as a crypto purchasing and selling and mining firm, promising assured day to day returns. Victims, lured by flashy events and guarantees of wealth, invested thru on-line portals displaying unsuitable earnings. As every other, funds had been siphoned off for luxurious items, proper property, and additional promotion of the scheme. As complaints grew, Icomtech introduced worthless proprietary tokens, worsening victims’ losses ahead of the scheme collapsed in 2019. U.S. Attorney Damian Williams described Brend as the face of the unsuitable mission and Rodriguez as its architect. Each face additional restitution and forfeiture orders.
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