Bitcoin

David Carmona, the founder of IcomTech, was sentenced to 10 years in jail for mishandling the funds of investors. The US federal court stated that the CEO would be facing 121 months for running a Ponzi scheme that defrauded numerous investors between 2018 and 2019.Launched in 2018, IcomTech gained popularity through its promotional events. Carmona promised about 1% daily returns on investments. This scheme was mainly targeted at working-class members. Subsequently, the scheme became a <a href="https://cryptotale.org/turkish-police-exposes-crypto-ponzi-scheme-detains-127-people/" rel="noopener noreferrer nofollow">&#39;Ponzi&#39; </a>scheme, where funds from new investors were used to pay off earlier members.However, several investors raised complaints about the scheme, when they couldn&#39;t withdraw the profits, which accumulated on the portal, citing hidden fees and delays. To curb the situation, a new token called Icoms was released. Carmona stated that this token could be used as a mode of payment, however, it turned out to be a bigger failure. By 2019, the scheme was facing a financial loss and collapsed, leaving many devastated.Related: <a href="https://cryptotale.org/chinese-ponzi-project-is-5th-top-matic-holder-with-22-37m/" rel="noopener noreferrer nofollow">https://cryptotale.org/chinese-ponzi-project-is-5th-top-matic-holder-with-22-37m/</a>Judge Damian Williams of the Attorney’s Office for the Southern District of New York presided over the case. Williams <a href="https://www.justice.gov/usao-sdny/pr/founder-cryptocurrency-ponzi-scheme-icomtech-sentenced-121-months-prison#:~:text&#61;Damian%20Williams%2C%20the%20United%20States,the%20cryptocurrency%20Ponzi%20scheme%20IcomTech." rel="noopener noreferrer nofollow">stated </a>that the IcomTech scheme preyed on vulnerable communities, leaving them in financial ruin. Carmona was ordered to forfeit his assets and provide reparation to the victims. Further, in addition to his prison term, Carmona was sentenced to undergo three years of supervised release.<a href="https://cryptotale.org/crypto-ponzi-scheme-icomtech-ceo-gets-10-years-in-prison/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Crypto 'Ponzi' Scheme IcomTech CEO Gets 10 Years in Prison

CryptoTale

Other articles published on Oct 5, 2024

Sygnum Bank Leads on zkSync Era with $50.5M TVL, Showing Strong Institutional Interest

SEC Settles Charges with TrueCoin and TrustToken Over Fraudulent TUSD Sales

Binance Coin Price Drops in a week, BNB Indicator Shows Strong Downtrend

Vitalik Buterin Supports Significant Update in Optimism’s SuperchainERC20 Protocol

Crypto: Currency Devaluation Boosts The Adoption Of Stablecoins In Africa!

Blockchain Zone Initiative Launched to Protect Developers from Patent Trolls

Join our free newsletter for daily crypto updates!