Key Takeaways
* Marco Ruiz Ochoa pleads responsible to conspiracy to commit wire fraud in U.S. District Court docket.
* IcomTech, based in 2018, falsely promised assured each day returns on cryptocurrency investments.
* The scheme concerned lavish occasions and promotional ways to lure victims.
The Responsible Plea
Marco Ruiz Ochoa, the previous CEO of IcomTech, pleaded responsible to at least one depend of conspiracy to commit wire fraud on September 27, 2023, earlier than U.S. District Choose Jennifer L. Rochon. The announcement was made by Damian Williams, the US Lawyer for the Southern District of New York. Ochoa’s responsible plea is a part of a broader investigation into IcomTech, a large-scale cryptocurrency Ponzi scheme that defrauded traders by promising assured each day returns on cryptocurrency investments.
The Scheme’s Operations
IcomTech was initially based in 2018 by David Carmona, with Ochoa serving because the CEO till 2019. The corporate falsely claimed to have interaction in cryptocurrency mining and buying and selling, promising traders excessive returns. In actuality, the corporate didn’t have interaction in any such actions. Funds from new traders had been used to pay older traders and for private enrichment of the promoters, together with Ochoa and his co-defendants David Carmona, Juan Arellano, Moses Valdez, and David Brend.
Promotional Ways
The promoters of IcomTech, together with Ochoa, traveled extensively each inside the US and internationally to host occasions geared toward attracting extra traders. These occasions usually featured luxurious automobiles and clothes to offer an impression of authentic success. Regardless of the festive ambiance, most traders had been unable to withdraw their so-called earnings and finally misplaced their complete investments.
Sufferer Complaints and Collapse
As early as August 2018, traders confronted difficulties in withdrawing funds from their on-line portal accounts. When complaints arose, IcomTech promoters provided proprietary crypto tokens, referred to as “Icoms,” claiming they’d finally maintain important worth. These tokens turned out to be nugatory, resulting in additional monetary loss for the victims. By the tip of 2019, IcomTech ceased funds and collapsed.
Authorized Penalties
Ochoa, 35, of Nashua, New Hampshire, now faces a most time period of 20 years in jail for his position within the scheme. The case is being dealt with by the Workplace’s Cash Laundering and Transnational Legal Enterprises Unit, with help from the Securities and Alternate Fee and the Commodity Futures Buying and selling Fee.
Associated Occasion
Only a day earlier than Marco Ruiz Ochoa’s responsible plea within the IcomTech case, Pablo Renato Rodriguez, co-founder of AirBit Membership, was sentenced to 12 years in jail for the same cryptocurrency pyramid scheme. Introduced by U.S. Lawyer Damian Williams, Rodriguez and his co-defendants have been ordered to forfeit roughly $100 million in property. The sentencing comes as a reminder of the recurring concern of cryptocurrency scams, with co-defendants awaiting sentencing in early October 2023.
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