David Carmona, founder of the
iComTech Ponzi scheme
, has pled guilty to one count of conspiracy to commit wire fraud.
After initially
pleading not guilty
following his arrest in late 2022, Carmona changed his plea at a December 22nd hearing.
Sentencing, which will include prison time, restitution and monetary penalties, has yet to be scheduled.
The maximum sentence for conspiracy to commit wire fraud is twenty years.
Launched in 2018, iComTech was an MLM crypto Ponzi that pretended to engage in crypto trading and mining.
iComTech investors were pitched on up to 2.8% a day, which collapsed when new investment ran dry.
Co-defendant Marco Ruiz-Ochoa (right)
pled guilty
in September 2023.
Ruiz-Ochoa was scheduled to be sentenced on January 18th but a scheduling conflict will likely see that date pushed back.
Juan Arellano, Moses Valdez and David Brend remain scheduled to face trial on February 28th, 2024.
Update 16th May 2024 –
David Carmona’s sentencing has been scheduled for July 23rd, 2024.
Update 23rd July 2024 –
Due to a scheduling conflict from his lawyer, David Carmona’s sentencing has been adjourned to September 24th, 2024.
Update 25th September 2024 –
Once again at the request of his lawyer, on September 17th the court rescheduled Carmona’s sentencing to October 4th, 2024.
Update 6th October 2024 –
David Carmona was
sentenced to ten years in prison
on October 4th, 2024.
🤖 Quick Answer
What was the iComTech scheme and how did it operate?iComTech was a cryptocurrency MLM Ponzi scheme launched in 2018 that falsely claimed to engage in crypto trading and mining activities. Investors were promised daily returns up to 2.8%, but the scheme collapsed when new investment inflows ceased, revealing its fraudulent structure.
Why did David Carmona change his plea to guilty?
David Carmona initially pleaded not guilty following his arrest in late 2022 but changed his plea to guilty on December 22nd to one count of conspiracy to commit wire fraud, likely due to evidence presented during legal proceedings.
What are the potential consequences for David Carmona?
Carmona faces sentencing including prison time, restitution payments, and monetary penalties. The maximum sentence for conspiracy to commit wire fraud is twenty years, though his final sentence has not yet been scheduled.
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