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IcomTech Executives Ordered To Pay $5 Million
Four IcomTech executives have been ordered to pay a cumulative sum of $5 million for running a scam and defrauding over 190 individuals, including those from the United States, out of more than $1 million. The court found the five guilty of violating the U.S. Commodity Exchange Act and other regulations set by the country’s commodities watchdog, CFTC.
According to reports, IcomTech persuaded victims to invest in a fake crypto mining and trading project with the promise of receiving a percentage of the profits. However, instead of putting the funds into the project as promised, they misused most of it.
As part of the penalty, the five executives are prohibited from interacting with any CFTC-regulated products or seeking to be registered by the commodities regulator.
Source: fullycrypto.com
