Key Takeaways
- Along with his 121-month prison sentence, Carmona will serve three years of supervised release after his term.
- IcomTech defrauded investors out of approximately $8.4 million between 2018 and 2019
David Carmona, the founder of the crypto ponzi scheme IcomTech, has been sentenced to 10 years in prison after being convicted of conspiracy to commit wire fraud. The U.S. Department of Justice announced the sentencing on October 4.
IcomTech, which launched in 2018, marketed itself as a cryptocurrency mining and trading company. Carmona and his co-conspirators promised investors significant returns, claiming their money would be used in crypto-related investments. The company even suggested that investors could double their profits in as little as six months. However, U.S. prosecutors revealed the entire operation was a scam.
“In reality, IcomTech was doing no such thing,” said U.S. Attorney Damian Williams. “It was all a lie. When the scheme collapsed, Carmona’s victims were left with nothing. His days of scamming people have come to an end.”
Over its lifespan, IcomTech managed to defraud investors out of approximately $8.4 million between 2018 and 2019. As per the official statement from the US Attorney’s office, Carmona and his team lured investors through flashy events held across the United States and overseas, showcasing a false image of wealth.
At gatherings, promoters arrived in expensive cars and wore high-end clothing, using these displays to convince victims of the scheme’s success and to encourage more investments.
However, as time went on, investors began to realize something was wrong. Many found it nearly impossible to withdraw their earnings, facing delays, hidden fees, and excuses. When complaints mounted, IcomTech introduced its own digital token, “Icoms,” claiming it would have value in future transactions. In reality, the token was worthless, adding further losses to the victims’ investments.
The scheme finally collapsed by the end of 2019, leaving investors without their funds and no way to recover them. Carmona and several other IcomTech leaders were arrested in 2023. He pleaded guilty to wire fraud conspiracy charges in December of that year.
Along with his 121-month prison sentence, Carmona will also serve three years of supervised release after his term. His conviction follows the earlier sentencing of former IcomTech CEO Marco Ruiz Ochoa, who received five years in prison in January 2024. Two other key promoters, David Brend and Gustavo Rodriguez, were convicted in March for their roles in the scheme.
