On October 4, 2024, David Carmona, founder of the IcomTech Ponzi scheme, was sentenced to 10 years in prison by a New York court. The scheme, which began in 2018, falsely promised investors significant profits through crypto mining and trading.
Carmona and his co-conspirators sold fake investment products, guaranteeing daily returns and claiming to double investments within six months. Victims faced challenges in withdrawing their funds, leading to widespread complaints. In a desperate attempt to retain investors, IcomTech offered a digital currency called 'Icoms,' which also proved to be worthless.
Investigations revealed that funds were misappropriated for personal luxuries and to attract new victims. Carmona pled guilty to wire fraud conspiracy in December 2022. Judge Jennifer L. Rochon imposed a 121-month sentence, followed by three years of supervised release. US Attorney Damian Williams remarked that Carmona's fraudulent activities have ended.
Meanwhile, the total cryptocurrency market capitalization is approximately $2.16 trillion, reflecting a 1.75% increase in the past day. Bitcoin is trading at about $62,206, up 1.70% in the last 24 hours.