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IcomTech falsely marketed crypto mining profits while promoters pocketed investor funds, according to the Justice Department.
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The US Department of Justice announced that Magdaleno Mendoza, a senior promoter of the cryptocurrency Ponzi scheme IcomTech, has been sentenced to 71 months in federal prison for his role in the fraud and for illegally reentering the United States after multiple deportations.
The sentence was imposed by US District Judge Paul G. Gardephe following Mendoza’s guilty plea in July to conspiracy to commit wire fraud and illegal reentry.
IcomTech Ponzi Scheme
According to the official statement, Mendoza was among the most influential promoters of IcomTech, a purported crypto mining and trading business that launched in mid-2018 and falsely promised investors guaranteed daily returns. In reality, authorities said, the company operated as a multi-level marketing Ponzi scheme that used funds from new investors to pay earlier participants and enrich its promoters, while conducting no legitimate trading or mining activities.
Mendoza, who had previously promoted other similar schemes, played a central role in recruiting victims, particularly within Spanish-speaking, working-class communities with little experience in cryptocurrency investing. He and other promoters allegedly traveled across the United States. They hosted large expos and small community meetings, where they marketed IcomTech as a road to “financial freedom” and showcased luxury cars, clothing, and lifestyles to bolster credibility.
Prosecutors said Mendoza personally hosted promotional events at his restaurant in the greater Los Angeles area and collected thousands of dollars in cash from victims as supposed investments. Investors were given access to online dashboards that displayed steadily growing “profits,” but most were unable to withdraw funds and ultimately lost their entire investments, while promoters siphoned off hundreds of thousands of dollars for personal use.
Worthless Tokens, Prison Sentences, and Deportations
As withdrawal complaints mounted, IcomTech introduced a proprietary token known as “Icoms,” which promoters claimed would gain significant value. But authorities said the tokens were effectively worthless and deepened investor losses.
By late 2019, IcomTech had stopped making payments and collapsed. The Justice Department also found that several of Mendoza’s co-conspirators, including founder David Carmona and other senior figures, have already been convicted and sentenced in related cases.
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Prosecutors also said that Mendoza had been living in the United States illegally for decades while promoting the scheme and had been deported or removed at least four times, including once under a false identity.
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Source: https://cryptopotato.com/lavish-lifestyles-fake-profits-icomtech-promoter-jailed-in-crypto-scam-case/
