Crypto ponzi scheme IcomTech’s senior promoter sentenced to six years in prison

Magdaleno Mendoza, a 56-year-old senior promoter of the IcomTech crypto Ponzi scheme, was sentenced to 71 months (nearly six years) in prison after pleading guilty to conspiracy to commit wire fraud and illegal reentry into the U.S. U.S. Attorney Jay Clayton noted that Mendoza was critical in recruiting Spanish-speaking, working-class victims by exploiting their trust with promises related to cryptocurrency. IcomTech, which operated from mid-2018, falsely promised guaranteed profits through crypto mining and trading but instead used new investor money to pay earlier participants and fund promoters' lifestyles. Mendoza's sentence follows those of IcomTech founder David Carmona, who received nearly ten years, and former CEO Marco Ruiz Ochoa, who received five years. In addition to prison time, Mendoza was ordered to pay nearly $790,000 in restitution and forfeit $1.5 million, including a home bought with illicit proceeds.

(Source：The Block)