David Carmona, the founder of the infamous cryptocurrency Ponzi scheme IcomTech, has been handed a hefty 10-year prison sentence for his role in defrauding unsuspecting investors out of their hard-earned money. Carmona was the principal orchestrator of IcomTech, a scheme that purported to offer financial freedom through investment in cryptocurrency trading and mining activities. However, promises of doubling profits every six months rang hollow, leaving investors with substantial losses.
US Attorney Damian Williams commented that Carmona misled working-class people with empty promises of lucrative returns, preying on their desire for financial well-being. The reality behind IcomTech was far removed from the lofty claims made by its founder – it was all a charade leading to an eventual downfall, leaving many victims penniless.
As part of his punishment, Carmona will also face three years of supervised release following his 121-month prison term. The IcomTech Ponzi scheme, which spanned from mid-2018 to the end of 2019, is estimated to have conned victims out of $8.4 million.
Moreover, Carmona and IcomTech promoters regularly embarked on extravagant nationwide and global tours to promote the scheme. Lavish expos, often featuring luxury cars and designer clothing, were organized with the express aim of luring additional victims.
However, the glossy facade quickly crumbled, with many victims unable to withdraw their purportedly accumulated “profits” from the online portal. In response to rising complaints, IcomTech unsuccessfully launched a token – the “Icoms” – on false claims of its wide acceptance as a payment method, effectively leading to additional losses for the beleaguered investors.
Carmona pleaded guilty to conspiracy to commit wire fraud in December 2023. Meanwhile, other key figures in the scheme faced justice – former IcomTech CEO Marco Ruiz Ochoa received a five-year prison sentence earlier this year, and IcomTech promoters David Brend and Gustavo Rodriguez were convicted of conspiracy to commit wire fraud in March.