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IcomTech Offered False Promises To Investors
In a striking development, David Brend and Gustavo Rodriguez, the men behind the IcomTech cryptocurrency mining and trading facility, have been convicted by a New York jury for their roles in a comprehensive Ponzi scheme. The conviction comes after extensive investigations into the operations of IcomTech, which was founded in 2018 by David Carmona. Despite promising lucrative daily returns to investors for their participation in crypto-related services, the reality was far from the truth.
The scheme primarily operated by redirecting funds from new investors to pay earlier ones, creating a facade of profitability and sustainability. Rodriguez’s role was pivotal in creating the digital face of the scam through IcomTech’s website, while Brend, alongside other promoters, conducted extravagant marketing campaigns to ensnare victims both within the United States and internationally.
The Illusion of Success
Embodying the lifestyle of the rich and successful, the promoters often flaunted their wealth at high-profile crypto events to attract more investors, promising them a path to financial independence. However, the facade began to crumble in August 2018 when investors found themselves unable to access or withdraw their funds from the IcomTech platform, signaling the beginning of the end for the fraudulent scheme.
Facing Two Decades Behind Bars
The situation worsened when IcomTech introduced their own cryptocurrency token, purportedly as a solution to the company’s financial woes. These tokens, however, turned out to be of no real value, further exacerbating the losses suffered by the investors.
The convictions of Brend and Rodriguez follow closely on the heels of Marco Ruiz Ochoa’s sentencing, the CEO of IcomTech, who received a five-year prison term for his involvement in the scheme. As Brend and Rodriguez await their sentencing, set for late June 2024, their case serves as a stark reminder of the risks associated with unregulated investment opportunities, particularly within the volatile cryptocurrency market.
U.S. Attorney Damian Williams emphasized the verdict as a clear message against financial fraud, reaffirming the commitment of the authorities to combat and eradicate fraudulent schemes in all sectors, including the burgeoning field of cryptocurrency. The impending sentences for Brend and Rodriguez underline the severe consequences awaiting those who orchestrate Ponzi schemes, marking a significant victory in the ongoing fight against investment fraud.
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