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Four IcomTech executives have been ordered to pay a staggering $5 million in penalties and fines for their involvement in a massive crypto scam. According to reports, the five individuals were found guilty of violating the U.S. Commodity Exchange Act and other regulations set by the country’s commodities watchdog, CFTC.
The court found that IcomTech persuaded its 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. The scam affected over 190 individuals from different countries, including the United States.
As a result of their actions, three of the five executives have already been sentenced to between five and ten years in prison for their roles in running the Ponzi scheme. Gustavo Rodriguez, one of the executives, was sentenced to eight years in prison in November, while David Carmona, the founder of IcomTech, received a 10-year sentence in October.
It’s worth noting that this is not the first time CFTC has taken action against malicious actors in the crypto world. In May 2023, the agency charged IcomTech operators with fraud. Just last month, it ordered an Oregon man to pay $209 million for operating a Ponzi scheme.
Unfortunately, it remains unclear how much of the stolen funds will be recovered and returned to the victims.
Source: fullycrypto.com
