The founder of the crypto "Ponzi" scheme, IcomTech has been sentenced to 10 years in prison.

David Carmona, the "mastermind" behind the cryptocurrency Ponzi scheme IcomTech, has been sentenced to 10 years for conspiracy to commit wire fraud. The scheme, which ran from mid-2018 to late 2019, defrauded victims of approximately $8.4 million. According to U.S. Attorney Damian Williams, Carmona exploited working-class individuals, promising them financial freedom in return for their investments, claiming the funds would be used for crypto trading and mining, with profits doubling every six months. However, Williams noted, that this was all a lie. IcomTech never engaged in such activities, leaving victims with nothing when the scheme collapsed.

In addition to his 121-month prison sentence, Carmona received three years of supervised release. He and other IcomTech promoters hosted extravagant expos across the U.S. and abroad, driving luxury cars and wearing expensive clothes to lure in investors with promises of wealth. However, soon after investing, victims struggled to withdraw their "profits" from the platform, often facing excuses, delays, and hidden fees. 

As complaints mounted, IcomTech introduced a token called "Icoms" with the false claim that companies would accept it for payments. This token was worthless, and the collapse of IcomTech in 2019 left investors with even more losses. Carmona pleaded guilty to wire fraud conspiracy in December 2023.

Other key figures in the scheme, including former IcomTech CEO Marco Ruiz Ochoa, were also sentenced. Ochoa received five years in prison in January, while promoters David Brend and Gustavo Rodriguez were convicted of conspiracy to commit wire fraud in March.