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IcomTech Executives Ordered To Pay $5 Million
A recent court ruling has ordered five executives of IcomTech to pay a hefty fine 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 scammers promised their victims that they would receive a percentage of the profits if they invested in a fake crypto mining and trading platform.
The court found the five executives guilty of violating the U.S. Commodity Exchange Act and other regulations set by the country’s commodities watchdog, CFTC, marking another instance when regulators catch up with malicious actors in the crypto world.
According to reports, instead of using the funds for the project as promised, they misused most of it. Three out of the five executives have already been sentenced to between five and ten years in prison for their roles in running the Ponzi scheme. Notably, Gustavo Rodriguez was sentenced to eight years in prison in November, while David Carmona received a 10-year sentence in October.
In related news, CFTC has taken action against other similar scams in the past. In September, it charged IcomTech operators with fraud. Additionally, a former CEO of IcomTech, Marco Ruiz, admitted to operating a Ponzi scheme just last month.
The fine comes after the CFTC ordered an Oregon man to pay $209 million for operating a Ponzi scheme earlier this year.
Source: fullycrypto.com
