Bitrabo Editorial
David Carmona, the creator of the fraudulent cryptocurrency scheme IcomTech, has been sentenced to 10 years in prison after a recent court decision. The US Attorney’s Office for the Southern District of New York shared this update on October 4.
Carmona Sentenced to 121 Months for Crypto Scam
As mentioned in a recent statement, Carmona, along with other associates, initiated IcomTech in 2018, portraying it as a company focused on cryptocurrency mining and trading that had the potential to generate profits for investors through various supposed investment products.
The promoters sold these fictitious investments to naive victims, assuring them of daily profits and promises to double their money within six months. Payment methods included cash, checks, bank transfers, and even cryptocurrencies.
Investors were given access to an online platform to track their alleged earnings. However, many struggled to withdraw their funds, facing numerous complaints that were often met with excuses, delays, and undisclosed fees for the few successful transactions. As dissatisfaction grew, IcomTech started issuing a native digital currency called “Icoms,” which they claimed would appreciate in value and could be used for transactions. This endeavor ultimately failed, leading to the scheme’s downfall.
Investigations by US authorities uncovered that Carmona and his associates sold fictitious cryptocurrency investment products to unwitting investors, using these funds to attract more victims through flashy promotions and lavish personal spending.
In December 2022, the US Attorney’s Office for the Southern District of New York announced charges against Carmona for conspiracy to commit wire fraud, which he pleaded guilty to. In October 2024, Judge Jennifer L. Rochon sentenced him to 121 months in prison, followed by three years of supervised release.
In response to this ruling, Damian Williams, the US Attorney for the Southern District of New York, remarked:
Carmona’s days of scamming honest people are at an end, and he now faces substantial time in prison.
Additionally, Marco Ruiz Ochoa, the former CEO of IcomTech, is currently serving a five-year sentence imposed in January.
Current Crypto Market Snapshot
In related news, the total capitalization of the cryptocurrency market has reached approximately $2.16 trillion after a 1.75% increase over the past day. Bitcoin, the leading cryptocurrency, is trading around $62,206, marking a 1.70% rise in the last 24 hours.