Fun

New York jury convicts two promoters of IcomTech crypto ‘Ponzi’

News Feed - 2024-03-18 02:03:38

Jesse Coghlan3 hours agoNew York jury convicts two promoters of IcomTech crypto ‘Ponzi’David Brend and Gustavo Rodriguez were convicted of wire fraud conspiracy for helping promote and run the now-collpased fake crypto mining and trading scheme.3360 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA New York jury has convicted two former promoters of alleged crypto mining and trading company IcomTech of wire fraud conspiracy — with both now facing a maximum sentence of 20 years for their role in the “Ponzi” scheme.


On March 14, a jury in a New York District Court found David Brend and Gustavo Rodriguez guilty of one count each of conspiracy to commit wire fraud, putting an end to a trial that lasted two weeks.


The U.S. Attorney’s Office for the Southern District of New York said in a March 15 press release that IcomTech founder David Carmona hired Rodriguez in mid-2018 to make a website for the newly-launched IctomTech which touted itself as a crypto mining and trading firm.Source:U.S. Attorney SDNY on X


Carmona, Brend and others claimed to ItomTech investors that the company’s crypto trading and mining would give guaranteed daily returns.


However, prosecutors allege the company wasn’t actually trading or mining crypto — instead, it was a “Ponzi” scheme that used investor funds to pay other investors.


Rodriguez also advised on the pricing of “investment packages” and the faked daily returns which investors could access through the site and a portal he maintained.


Brend and the scheme’s other promotors, meanwhile, “siphoned off, in some cases, hundreds of thousands of dollars in victim funds,” the U.S. Attorney’s Office said.


The pilfered funds were used to buy real estate, travel and host “lavish expos and small community presentations,” where promotors showed up in “expensive cars and wearing luxury clothing” to lure more investors with promises of “financial freedom.”


IcomTech investors saw their faked profits rise in the portal but couldn’t withdraw and were “met with excuses, delays, and hidden fees.” As complaints rose, IcomTech offered a token called “Icoms” to raise extra cash on the false claim it would be accepted by companies in payments.


Icoms were “essentially worthless” and caused further losses as IcomTech collapsed in 2019 and stopped making payments.


Related:US attorney seeks to reclaim $2.3M crypto from ‘pig butchering’ scheme


The U.S. Attorney for the Southern District of New York, Damian Williams, said the scheme “defrauded tens of thousands of people out of tens of millions of dollars” and cheated “working people out of their hard-earned money.”


“As a result of their lies to hardworking people, Brend and Rodriguez stand convicted of a federal crime and face substantial time in prison,” he added.


Brend is scheduled to be sentenced on June 27, and Rodriguez is scheduled for sentencing the day after on June 28.


IcomTech’s former CEO Marco Ochoa was sentenced to five years in prison in January after pleading guilty to conspiracy to wire fraud conspiracy while Carmona, the founder, pleaded guilty to wire fraud conspiracy in December.


Magazine:Inside Pink Drainer — Security analyst defends his crypto scam franchise# Ponzi Scheme# Business# United States# Court# ScamsAdd reactionAdd reactionRead moreIMF wants Pakistan to tax crypto gains to pay for $3B bailoutCardano finally gets fiat-backed stablecoin USDM after huge delaysVC Roundup: AI-blockchain solutions winning investors’ hearts

News Feed

Bitcoin halving will be a litmus test for inefficient ops: Mining execs
Gareth Jenkinson14 minutes agoBitcoin halving will be a litmus test for inefficient ops: Mining execsMajor mining firms expect the Bitcoin halving to reduce profitability and cause an increase in network fees, which coul
Billionaire Jeffrey Gundlach Says He Wouldn’t Be Surprised at All if Bitcoin Falls to $10K
Billionaire Jeffrey Gundlach Says He Wouldn"t Be Surprised at All if Bitcoin Falls to $10K Doubleline Capital CEO Jeffrey Gundlach, also known as the “bond king,” say
Ethereum, Dogecoin Lead Large Cap Losses As Bitcoin Moves Into Bear Market Territory
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Transaction Fees Soar 550% in a Month, BCH, Dash Transactions Much Cheaper
Bitcoin Transaction Fees Soar 550% in a Month, BCH, Dash Transactions Much CheaperThe cost of sending a transaction over the Bitcoin network rose sharply over the past month, as the
Ethereum Could Benefit From Stealth Addresses Implementation, Says Vitalik Buterin
Ethereum Could Benefit From Stealth Addresses Implementation, Says Vitalik Buterin Ethereum co-founder Vitalik Buterin published a research post that suggests using stealth address
Telegram ad platform to launch via TON blockchain
Zoltan Vardai10 hours agoTelegram ad platform to launch via TON blockchainTelegram channel owners will start receiving 50% of all advertising revenue generated in their channels.8224 Total views12 Total sharesListen to a
J.W. Verret5 hours agoWorldcoin: Should you let Sam Altman scan your eyeballs for WLD?Sam Altman believes his product ChatGPT will disrupt the world. As a “solution” to the consequences, he’s asking you to scan you
Marcel Pechman1 hour agoEthereum price falls as regulatory worries and pause in DApp use impact investor sentimentEther price struggles amid regulatory concerns and a drop in DApp usage.294 Total views3 Total sharesListe
NFTs and blockchain bridge Ethiopia’s past and present in new art exhibition
Vittoria Benzine10 hours agoNFTs and blockchain bridge Ethiopia’s past and present in new art exhibition“Ethiopia at the Crossroads” is getting a special blockchain boost for its final stint at the Toledo Museum of
Switzerland’s Largest Bank UBS Says Clients Have Crypto FOMO
Switzerland’s Largest Bank UBS Says Clients Have Crypto FOMO UBS, Switzerland’s largest bank, says that clients are looking at different investment alter
Bitcoin ETF Approved: First North American Bitcoin ETF Set to Trade on Toronto Stock Exchange
Bitcoin ETF Approved: First North American Bitcoin ETF Set to Trade on Toronto Stock Exchange The first bitcoin exchange-traded fund (ETF) in North America has b
Decentralized Exchange Pancakeswap to Launch Version 3 Iteration in April
Decentralized Exchange Pancakeswap to Launch Version 3 Iteration in April On March 4, the decentralized exchange Pancakeswap announced that the team plans to launch its version thr