Former IcomTech CEO sentenced to five years in prison for involvement in cryptocurrency Ponzi scheme
Marco Ruiz Ochoa, the former CEO of IcomTech, was sentenced to five years in prison for his role in promoting a cryptocurrency company that promised returns to investors, but federal prosecutors said the scam was closer to a Ponzi scheme. .
Ochoa (35 years old) sentenced Friday before a U.S. district judge after pleading guilty to wire fraud in September.
“Ochoa took advantage of the cryptocurrency hype to lure unsuspecting victims into investing in the IcomTech pyramid scheme. This important sentence sends a message to anyone who wants to follow in his footsteps: That path leads to serious prison time.” said U.S. Attorney Damian Williams. statement on Friday.
Ochoa was also ordered to serve two years of supervised release and forfeit $914,000 in proceeds of crime, according to the Justice Department.
IcomTech, known as a cryptocurrency mining and trading company, Promise Investors earn profits in return for purchasing “cryptocurrency-related investments.” Ochoa, along with others, promised to earn daily profits by profiting from the company’s cryptocurrency trading and mining division.
iComTech’s cryptocurrency trading and mining business did not exist and investor funds were used for other schemes and personal expenses, prosecutors said.
company promotion
Prosecutors said Icomtech’s promoters showed up to events in expensive cars and dressed in fancy clothes in a bid to appear successful.
“The tone of these events was festive and designed to generate excitement about the scheme,” they said.
When investors tried to withdraw their money in 2018, they faced excuses, delays, and hidden fees.
Prosecutors said, “Despite these complaints, i.com Tech promoters, including Ochoa, continued to promote i.com Tech and accept investments from victims.” At the end of 2019, IcomTech collapsed.
The Commodity Futures Trading Commission also indicted Ochoa and other IcomTech executives, including David Carmona, Juan Arellano Parra and Moses Valdez, in May. The CFTC said the group targeted Spanish-speaking communities.
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