David Carmona, the founder of fraudulent cryptocurrency platform IcomTech, has been sentenced to 10 years in federal prison for operating a Ponzi scheme that defrauded investors of millions. The U.S. Attorney’s Office for the Southern District of New York confirmed the sentencing on October 4, following Carmona’s guilty plea to wire fraud conspiracy in December 2022.
Launched in 2018, IcomTech marketed itself as a crypto mining and trading company, luring victims with promises of daily returns and guaranteed capital doubling within six months. Investors made payments using cash, checks, transfers, and cryptocurrency, and were given access to an online portal that falsely displayed profits.
However, when victims tried to withdraw funds, they were met with excuses, delays, and hidden charges. As complaints grew, Carmona and his team introduced a worthless digital token called “Icoms”, claiming it could be used for purchases and would increase in value. This too was a sham, hastening the scheme’s collapse.
Lavish Spending, Fake Promises
Investigators found that investor funds were not used for legitimate business purposes, but instead to attract more victims through extravagant promotional events and to finance personal luxury expenses.
Judge Jennifer L. Rochon sentenced Carmona to 121 months (just over 10 years) in prison, followed by three years of supervised release. He was also ordered to pay restitution, with the amount to be determined in a separate hearing.
U.S. Attorney Damian Williams celebrated the conviction, stating:
“Carmona’s days of scamming honest people are at an end, and he now faces substantial time in prison.”
More IcomTech Convictions
In a related case, former CEO Marco Ruiz Ochoa was sentenced to five years in prison back in January for his role in the IcomTech fraud. Other conspirators remain under investigation.
Crypto Market Snapshot
Elsewhere in the crypto space, the total market cap has reached $2.16 trillion after a 1.75% daily increase.
Bitcoin (BTC) trades around $62,206, up 1.70%.
Other major altcoins also posted gains, tracking broader market momentum.
