David Carmona, the founder of crypto project #IcomTech, was sentenced to 10 years in prison for conspiracy to commit wire fraud.

Carmona assured investors that their funds would be invested in cryptocurrency trading and mining, saying profits would double every six months.

Victims soon encountered problems withdrawing funds from their accounts. The complaints prompted IcomTech to introduce a token called “#Icoms,” falsely claiming it would be accepted by companies. These tokens have proven worthless since IcomTech collapsed in 2019.

Between mid-2018 and the end of 2019, the IcomTech Ponzi scheme defrauded victims of approximately $8.4 million.

Carmona pleaded guilty in December 2023 to conspiracy to commit wire fraud. Former CEO Marco Ruiz Ochoa was sentenced in January to five years in prison.