Former IcomTech CEO Marco Ruiz Ochoa has admitted to defrauding investors through a cryptocurrency pyramid scheme

[CarderPlanet]

This is reported by the US Department of Justice.

According to the case file, 35-year-old Ochoa, along with his accomplices, promised clients a daily profit from investing in cryptocurrency trading and mining. However, IcomTech did not conduct any investment activities, its creators spent money on themselves.

To maintain the image of a successful company, promoters appeared at events in expensive cars and in luxurious clothes.

Since 2018, IcomTech clients have tried to withdraw money, but they have faced various excuses and delays, as well as the need to pay a commission that was not previously discussed.

By the end of 2019, the pyramid collapsed.

Ochoa pleaded guilty to one count of conspiracy to commit fraud by electronic means of communication. He faces up to 20 years in prison.

"The fact that the perpetrator admitted guilt proves that we are going after all those who try to use cryptocurrencies to commit fraud," said US Attorney General Damian Williams.

In May, the CFTC also filed charges against Ochoa and other IcomTech executives, including David Carmona, Juan Arellano Parra, and Moses Valdez. The agency said that their scheme was aimed at Spanish-speaking communities.

 

[Brother]

The founder and former CEO of cryptocurrency pyramid scheme IcomTech, Mark Ruiz Ochoa, was sentenced to five years in prison for his role in attracting investors.

The accused had previously pleaded guilty to fraud. Yesterday a court hearing took place, as a result of which Marco Ruiz Ochoa received a five-year prison sentence. In addition, the court ordered him to pay $914,000 in illegal proceeds and sentenced him to two years of post-release supervision.

“Ochoa took advantage of the hype surrounding the cryptocurrency industry to trick unsuspecting victims into investing in the IcomTech pyramid scheme. We warn that anyone who follows in his footsteps will face serious penalties,” said US Attorney Damian Williams.

Let us recall that the IcomTech pyramid declared itself as a mining and trading company, offering clients “investment products tied to cryptocurrencies.” However, according to American law enforcement agencies, the company did not conduct any mining or other activities, but existed according to a standard Ponzi scheme.