Crypto Ponzi Scheme Founder of IcomTech Sentenced to 10 Years in Prison
- Dvid Crmon, founder of IcomTch, ws sntncd to 10 yrs in prison for wir frud.
- IcomTch oprtd crypto Ponzi schm, dfruding victims of pproximtly $8.4 million sinc 2018.
- High-profil mrkting tctics lurd invstors, promising unrlistic finncil rturns nd showcsing fls succss.
Dvid Crmon, th mstrmind bhind th frudulnt cryptocurrncy schm IcomTch, hs bn sntncd to 10 yrs (121 months) in prison for his rol in wir frud conspircy. On Octobr 4, 2024, U.S. District Judg Jnnifr L. Rochon hndd down th sntnc.
Foundd in 2018, IcomTch prsntd itslf s lgitimt cryptocurrncy mining nd trding compny. Crmon nd his co-conspirtors pryd on working-clss individuls, luring thm in with promiss of quick finncil gins. Thy flsly climd tht invstors could doubl thir mony in just six months through dily rturns on invstmnts.
Crypto Ponzi Scheme: Deceptive Tactics Unveiled
According to U.S. Attorny Dmin Willims, th promiss md by IcomTch wr nothing but dcption. IcomTch ws doing no such thing, Willims sttd. It ws ll li. Th compny oprtd s Ponzi schm, pying rlir invstors with funds from nwr invstors whil flsly projcting n img of succss nd prosprity.
Crmon nd his tm utilizd high-profil mrkting tctics to dciv thir victims. Thy hld xtrvgnt xpos nd prsnttions in multipl loctions, including intrntionl vnus nd vnts in th Southrn District of Nw York. At ths gthrings, promotrs showcsd thir llgd wlth, driving flshy crs nd wring luxury itms, ll to cultivt fls sns of succss nd lgitimcy.
IcomTch mngd to dciv individuls into invsting through vrious mthods, including wir trnsfrs, cryptocurrncy, chcks, nd vn csh. Victims wr grntd ccss to n onlin portl tht flsly displyd profits, but most wr unbl to withdrw thir funds. Bhind th scns, Crmon nd th othr promotrs siphond off hundrds of thousnds of dollrs for thir prsonl bnfit.
The Launch of Worthless Icoms Token
Dspit rly signs of troubl by mid-2018, such s dlyd withdrwls nd mounting hiddn fs, IcomTch continud to oprt. Th compny introducd propritry, worthlss tokn clld Icoms in dsprt ttmpt to gnrt liquidity. Howvr, by th nd of 2019, th ntir schm collpsd, lving victims with significnt finncil losss.
Th court dtrmind tht Crmon ws rsponsibl for dfruding victims out of pproximtly $8.4 million btwn mid-2018 nd th vntul collps of IcomTch. In Dcmbr 2023, Crmon pldd guilty to conspircy to commit wir frud. In ddition to th 10-yr prison sntnc, h hs bn ordrd to srv thr yrs of suprvisd rls.
Mrco Ruiz Ocho, th formr CEO of IcomTch, ws sntncd to fiv yrs in prison in Jnury 2024. Mnwhil, othr ky figurs, including promotrs Dvid Brnd nd Gustvo Rodriguz, wr convictd in Mrch on similr chrgs of conspircy to commit wir frud.
Crmons conviction nd sntncing srv s criticl rmindr of th dngrs lurking in cryptocurrncy invstmnts. Victims wr misld by fls promiss of finncil indpndnc nd dupd into prting with thir hrd-rnd mony, only to s it vnish into th pockts of frudstrs.
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Read more: https://www.tronweekly.com/crypto-ponzi-founder-gets-10-year-sentence/
Text source: TronWeekly
