Senior IcomTech Promoter Gets 71 Months in Prison for Crypto Ponzi Scheme

Another high-profile crypto scammer gets locked up—this time for nearly six years.

The Justice Department just slammed a senior promoter from the infamous IcomTech operation with a 71-month sentence. The scheme promised investors sky-high returns from non-existent cryptocurrency mining and trading. Spoiler: the only thing being mined was their bank accounts.

How the Scheme Worked

It was classic Ponzi 101, dressed in crypto's shiny new clothes. Promoters sold investment packages, luring people in with the dream of passive income from digital assets. Early 'returns' were just payouts from new investors' money—the oldest trick in the financial fraud book, now with a blockchain veneer.

The Regulatory Hammer Falls

This sentencing sends a clear message: the SEC and DOJ aren't playing around with crypto fraud. While the industry builds legitimate infrastructure, bad actors are getting weeded out—forcefully. It's a necessary, if messy, part of the sector's maturation.

The Bigger Picture

Let's be real—for every headline-grabbing scam, thousands of legitimate projects are building real value. This case highlights the critical need for due diligence. If a 'promoter' is pushing guaranteed returns from a black-box operation, run. The crypto world rewards builders, not carnival barkers.

The irony? These scams often prey on the same fear-of-missing-out that drives genuine bull markets—a cynical reminder that in finance, whether it's tulips or tokens, greed has a very familiar face.

IcomTech’s orchestrated ponzi scheme 

Operating from mid-2018 to late 2019, IcomTech masqueraded as a legitimate cryptocurrency mining and trading firm. During its runtime, promoters lured investors by promising daily profits, doubling of investments within six months, and access to an online portal displaying fictitious gains. 

The scheme predominantly targeted Spanish-speaking individuals with limited investment experience. In reality, no actual trading or mining occurred. New investor funds were used to pay returns to earlier participants, while promoters siphoned millions for personal luxury, including exotic cars and opulent expos. 

As withdrawal requests mounted in late 2018, victims faced delays, excuses, and fees. IcomTech introduced a worthless proprietary token called “Icoms” as a purported fix, only deepening losses. The scheme collapsed by the end of 2019, leaving thousands defrauded of millions. 

U.S. Attorney Jay Clayton emphasized Mendoza’s exploitation of trust: “By exploiting the promise of ‘crypto,’ he and his co-conspirators stole millions from working-class people, including New Yorkers.”

History of lawsuit against IcomTech 

The case builds on prior convictions, with IcomTech’s Founder David Carmona receiving 121 months (10 years and 1 month) in 2024, former CEO Marco Ruiz Ochoa receiving a five year sentence. Other promoters David Brend and Gustavo Rodriguez also faced lengthy terms. 

As reported bypreviously, the initial charges against IcomTech operators were announced in May 2023, after the conviction of promoters in March 2024 and Ochoa’s sentencing in January 2024. This sentencing underscores federal authorities’ intensified crackdown on crypto frauds exploiting hype and underserved communities, serving as a stark reminder for investor caution.

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