Two Convicted for Promoting IcomTech Cryptocurrency Scheme

A New York jury has found two former promoters of the IcomTech cryptocurrency scheme guilty of conspiracy involving electronic fraud. This was reported by the U.S. Department of Justice.

According to the case materials, Gustavo Rodriguez began developing a website for IcomTech in mid-2018, which was marketed as a mining and trading company. David Brand, along with the project’s founders, attracted clients by promising daily profits.

In reality, IcomTech operated as a Ponzi scheme, paying dividends from new users’ deposits. Most of the funds were used for purchasing real estate, travel, and hosting “lavish presentations.”

Clients saw their funds grow in their personal accounts but were unable to withdraw them from the platform.

As complaints increased, IcomTech introduced a native token, Icoms, but this only led to further losses.

By the end of 2019, the scheme collapsed.

The prosecution estimates that “tens of thousands of people” were affected by IcomTech’s activities, with damages amounting to tens of millions of dollars.

Final sentencing for Brand and Rodriguez is scheduled for June 27 and 28, respectively. They face up to 20 years in prison.

The scheme’s founder, David Carmona, who pleaded guilty late last year, is also awaiting final judgment.

Earlier, former IcomTech CEO Marco Ruiz Ochoa was sentenced to five years in prison after admitting to defrauding investors in September 2023.