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Four IcomTech executives have been ordered to pay a staggering $5 million for running a scam and defrauding victims of over $1 million. The company had persuaded the victims to invest in a fake crypto mining and trading platform, promising them a percentage of the profits.
According to the court ruling, each of the five executives must pay $1 million as part of the collective penalty. Additionally, they are prohibited from interacting with any CFTC-regulated products or seeking registration by the commodities regulator.
It’s worth noting that 190 individuals fell victim to the IcomTech scam, with victims coming from various countries including the United States. Instead of utilizing the funds in the project as promised, most of it was misused.
Three out of the five executives have already been sentenced to prison terms ranging from five to ten years for their roles in running the Ponzi scheme. One of these executives, Gustavo Rodriguez, received an eight-year sentence in November, while David Carmona was given a 10-year prison term in October.
The CFTC had initially charged IcomTech operators with fraud back in May 2023. In September 2023, former CEO Marco Ruiz admitted to operating the Ponzi scheme.
It’s unclear at this point how much of the stolen funds will be recovered and returned to victims following the court ruling.
Source: fullycrypto.com
