IcomTech Ponzi Scheme Founder Sentenced to 10 Years in Prison

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IcomTech, a cryptocurrency-based Ponzi scheme had swindled millions in dollars from investors from 2018 through 2019 by claiming profits in cryptocurrency trading and mining. David Carmona was the mastermind behind this scam and was sentenced to 10 years in jail for conspiracy to commit wire fraud. As per the report by prosecutors in the United States, IcomTech had raised nearly about $8.4 million from victims who were mainly working-class people. They were promised that their investment would double every six months. IcomTech transacted no bona fide business. Many victims discovered they could not withdraw their supposedly profit-generating investments. The loss was dire. Carmona’s sentencing ends the scamming activities.