A high-profile case concludes with the sentencing of IcomTech founder David Carmona, who played a key role in the crypto fraud scheme that netted $8.4 million.

David Carmona's Sentence

David Carmona has been sentenced to 10 years for conspiracy to commit wire fraud. In addition to his prison term, he will serve three years of supervised release afterwards.

IcomTech Operations

IcomTech lured investors with promises of financial independence by claiming to invest in crypto trading and mining activities. In reality, no such activities were conducted. Carmona and his team held expos to display fake success stories, but investors soon faced withdrawal issues.

Impact on Scheme Participants

Many victims couldn't recover their investments. The company also tried to raise extra funds through a token 'Icoms', which held no real value. As a result, many investors lost their savings. Carmona pleaded guilty in December 2023, and former CEO Marco Ruiz Ochoa was sentenced to five years in prison.

Carmona's sentence marks an end to crypto fraud with Ponzi schemes, emphasizing the need for potential investors to thoroughly verify projects before investing.