news 
Title: IcomTech Executives Ordered To Pay $5 Million
A federal court in Los Angeles has ordered four top executives from IcomTech to pay a staggering $5 million for their role in running a massive Ponzi scheme. The executives, who were found guilty of violating the U.S. Commodity Exchange Act and other regulations set by the country’s commodities watchdog, CFTC, will also be prohibited from interacting with any CFTC-regulated products or seeking to be registered by the regulator.
According to reports, IcomTech convinced over 190 individuals, including those from the United States, to invest in a fake crypto mining and trading project. Instead of using the funds as promised, the executives misused most of it, leaving victims with significant financial losses.
It’s worth noting that three of the five accused have already been sentenced to prison terms ranging from five to ten years for their involvement in the scheme. Notably, Gustavo Rodriguez was sentenced to eight years in prison in November, while David Carmona received a 10-year sentence in October.
The CFTC had initially charged IcomTech operators with fraud back in May 2023. Later in September of that year, former CEO Marco Ruiz admitted to operating the Ponzi scheme.
It remains unclear at this point how much of the stolen funds will be recovered and returned to the victims.
Source: fullycrypto.com
