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Four IcomTech executives have been ordered to pay a hefty sum of $5 million for running a scam and defrauding victims of over $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 the latest updates, the five executives were persuaded to invest in a fake crypto mining and trading project with a promise to receive a percentage of the profits. However, instead of putting the funds into the project as promised, they misused most of it.
It is worth noting that 190 individuals fell for the IcomTech scam, including people from different countries, including the United States.
Source: fullycrypto.com
