Former IcomTech executive Marco Ruiz Ochoa admitted to defrauding investors through a cryptocurrency pyramid scheme. The US Department of Justice reports this.
According to the case materials, 35-year-old Ochoa, along with his accomplices, promised clients daily profits from investments in cryptocurrency trading and mining. However, IcomTech did not conduct any investment activities; its creators spent the funds on themselves.
To maintain the image of a successful company, promoters appeared at events in expensive cars and luxurious clothes.
Since 2018, IcomTech clients have tried to withdraw money, but have encountered various excuses and delays, as well as the need to pay a previously undiscussed fee.
By the end of 2019, the pyramid collapsed.
Ochoa pleaded guilty to one count of conspiracy to commit wire fraud. He faces up to 20 years in prison.
In May CFTC also brought charges against Ochoa and other IcomTech executives, including David Carmona, Juan Arellano Parra and Moses Valdez. The department said its scheme targeted Hispanic communities.
ForkLog previously reported that the Southern District of New York court sentenced Pablo Renato Rodriguez, co-founder of the international cryptocurrency pyramid AirBit Club, to 12 years in prison. He promised daily income from investments in cryptocurrency trading and mining.
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