A company that is changing the way the world mines bitcoin

Crypto Potato 2024-12-14 20:16:46

IcomTech Execs to Pay $5M in Restitution for Defrauding Investors with False Crypto Promises

Five individuals associated with IcomTech, a cryptocurrency Ponzi scheme that defrauded investors of $8.4 million, were ordered by a federal court to pay over $5 million in restitution and penalties. The December 11 ruling by the United States District Court for the Central District of California also included prison sentences for three of the defendants. Operating between 2018 and 2019, IcomTech marketed itself as a cryptocurrency platform offering daily returns of up to 2.8%. Investors were convinced their funds were being used for cryptocurrency trading and mining, facilitated through “Icoms,” a proprietary token. However, investigators found no evidence of such activities. Instead, the defendants misused the funds for personal expenses, including luxury goods and high-end vacations. David Carmona, the leader of the scheme, alongside his partner David Brend, received 10-year prison sentences. Another conspirator, Marco A. Ruiz Ochoa, was sentenced to five years. Two additional defendants, Juan Arellano Parra and Moses Valdez, were held accountable through financial penalties and were permanently banned from engaging in any CFTC-regulated activities. The Commodity Futures Trading Commission (CFTC) began its investigation into IcomTech in 2023 after complaints from defrauded investors. The case highlighted a common pattern in cryptocurrency fraud, where victims are enticed by promises of outsized returns and persuaded to recruit others, fueling a cycle of deception. The court also ordered the forfeiture of more than $1.2 million in assets linked to the defendants. Despite this recovery, many victims are unlikely to recoup their full losses. The post IcomTech Execs to Pay $5M in Restitution for Defrauding Investors with False Crypto Promises appeared first on CryptoPotato .

Наиболее читаемые новости

Algorand [ALGO] Faces Potential Short-Term De...
2024-12-15
$TICS Flying Off the Shelf: Qubetics Leads th...
2024-12-15
Bitcoin: Navigating the Bullish Battle Above...
2024-12-15
Homo Shiba Inu (HOMOSHIB) Solana Memecoin Wil...
2024-12-15
ALGO still down 88% from ATH DESPITE recent 4...
2024-12-15
Crypto Analyst Issues Aave Alert, Updates Out...
2024-12-15
Dogeson, Shiro Neko and Orbit among Saturday’...
2024-12-15
Expert Says XRP Will Explode If This Continue...
2024-12-15

Связанные новости

Прочтите Отказ от ответственности : Весь контент, представленный на нашем сайте, гиперссылки, связанные приложения, форумы, блоги, учетные записи социальных сетей и другие платформы («Сайт») предназначен только для вашей общей информации, приобретенной у сторонних источников. Мы не предоставляем никаких гарантий в отношении нашего контента, включая, но не ограничиваясь, точность и обновление. Никакая часть содержания, которое мы предоставляем, представляет собой финансовый совет, юридическую консультацию или любую другую форму совета, предназначенную для вашей конкретной опоры для любых целей. Любое использование или доверие к нашему контенту осуществляется исключительно на свой страх и риск. Вы должны провести собственное исследование, просмотреть, проанализировать и проверить наш контент, прежде чем полагаться на них. Торговля - очень рискованная деятельность, которая может привести к серьезным потерям, поэтому проконсультируйтесь с вашим финансовым консультантом, прежде чем принимать какие-либо решения. Никакое содержание на нашем Сайте не предназначено для запроса или предложения