IcomTech Founder Sentenced to 10 Years for Cryptocurrency Pyramid Scheme

Judge Jennifer Rochon of the Southern District of New York sentenced IcomTech cryptocurrency pyramid founder David Carmona to 121 months in prison.

“David Carmona orchestrated the IcomTech cryptocurrency Ponzi scheme, preying on working-class individuals by promising them complete financial freedom in exchange for their hard-earned money. Carmona pledged to invest the victims’ funds in crypto trading and mining, claiming that profits from these activities would double their assets within six months,” stated Damian Williams, the U.S. Attorney for the Southern District of New York.

According to him, IcomTech did not engage in such activities, and all promises made by the convicted were false. When the scheme collapsed, the victims were left with nothing.

Court documents reveal that Carmona launched IcomTech in 2018 with accomplices. The founder and promoters held lavish presentations across the United States and in other countries.

The organizers spent hundreds of thousands of dollars from victims on advertising and personal expenses, including luxury items and real estate, according to the press release.

As early as 2018, when investors attempted to withdraw funds, they encountered excuses from promoters, payment delays, and hidden fees. Despite complaints from victims, the scheme’s organizers continued to promote the company and accept investments. By the end of 2019, IcomTech had collapsed.

In September 2023, the company’s former CEO Marco Ruiz Ochoa admitted to defrauding investors through the cryptocurrency pyramid. In January 2024, he was sentenced to five years in prison.

In March, two former IcomTech promoters were convicted of conspiracy to commit wire fraud.

In August, the SEC charged two U.S. citizens with fraud and deceiving over 80 investors through a cryptocurrency pyramid, causing $60 million in damages.

In the same month, Thai authorities extradited to China the founder of the MBI Group cryptocurrency pyramid, Zhang Moumou.