Ponzi

United

Bitcoin

Million

<ul class="wp-block-list">
  
 <li>Five involved in the IcomTech Ponzi scheme ordered to pay $5M penalties and banned from CFTC-regulated markets.</li>   
 <li>IcomTech misused $8.4M after promising 100% returns as leaders sentenced to up to 10 years in prison.</li>   
 <li>Lavish events and false crypto promises defrauded 190 victims.&nbsp;</li> 
</ul>   
<p>A California court has <a href="https://www.cftc.gov/PressRoom/PressReleases/9017-24">ordered</a> five individuals to pay over $5 million in penalties for their involvement in IcomTech’s Ponzi scheme. The accused include David Carmona, Juan Arellano Parra, Moses Valdez, David Brend, and Marco A. Ruiz Ochoa. The Commodity Futures Trading Commission (CFTC) announced the judgment on December 11.</p>   
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<p>The default judgment, issued on October 21, followed the CFTC’s lawsuit filed on May 24, 2023. The defendants were found liable for violating the Commodity Exchange Act and <a href="https://www.cftc.gov/">CFTC</a> regulations. Ochoa received a consent order, while the others faced default judgments.</p>   
<h2 class="wp-block-heading" id="h-fraud-activities-and-misappropriation"><strong>Fraud Activities and Misappropriation</strong></h2>   
<p>The group fraudulently solicited over $1 million from 190 victims across the United States and other countries. In particular, they falsely claimed to invest the funds in <a href="https://cryptonewsland.com/bitcoin-mimics-late-2020-bullish-surge-pattern-on-weekly-price-chart/">Bitcoin</a> and cryptocurrency mining through a fake trading platform.</p>   
<p>Instead, the accused misappropriated approximately $8.4 million in funds by December 2022. The funds were used for personal gain hence leaving victims with substantial losses.</p>   
<h2 class="wp-block-heading" id="h-penalties-and-restrictions"><strong>Penalties and Restrictions</strong></h2>   
<p>The court ordered each defendant to pay a $1 million civil monetary penalty. Additionally, they must collectively pay approximately $1 million in restitution to victims. The penalties and restitution total over $5 million.</p>   
<p>Furthermore, the court permanently banned all five individuals from registering with the CFTC or trading in CFTC-regulated markets.</p>   
<h2 class="wp-block-heading" id="h-sentencing-and-prison-terms"><strong>Sentencing and Prison Terms</strong></h2>   
<p>David Carmona, the founder of IcomTech, was sentenced to 10 years in prison for conspiracy to commit wire fraud. Moreover, Gustavo Rodriguez, another key figure in the scheme, received an eight-year sentence.</p>   
<p>David Brend was sentenced to 10 years on December 2. He must also pay $40,000 in forfeiture and surrender to prison authorities by December 16. Marco Ochoa was sentenced to five years earlier this year.</p>   
<h2 class="wp-block-heading" id="h-ponzi-scheme-operations"><strong>Ponzi Scheme Operations</strong></h2>   
<p>IcomTech operated between mid-2018 and late 2019. The scheme promised a 100% return on investments every six weeks. In addition, operators hosted lavish events to attract victims, arriving in expensive cars and showcasing wealth.</p>   
<p>US Attorney Damian Williams highlighted the harsh sentences as a deterrent against cryptocurrency fraud. He emphasized the role of Brend and Rodriguez in defrauding victims out of millions.</p> 
<p>The post <a href="https://cryptonewsland.com/californian-court-orders-5-million-penalty-in-icomtech-ponzi-scheme-case/">Californian Court Orders $5 Million Penalty in IcomTech Ponzi Scheme Case</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Californian Court Orders $5 Million Penalty in IcomTech Ponzi Scheme Case

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