CandleFocus Crypto Scam Collapses: Icomtech Founders Sentenced for Ponzi Scheme Fraud
2024-12-04
Author: Content Editor
Two individuals, David Brend and Gustavo Rodriguez, have been handed prison sentences of 10 and 8 years, respectively, for their involvement in the cryptocurrency Ponzi scheme Icomtech. The scheme deceived thousands of investors by falsely presenting itself as a crypto trading and mining company, offering guaranteed daily returns. Victims were enticed by lavish events and promises of wealth, and invested through online portals that showcased fake profits. Instead of being used for legitimate purposes, the funds were used to buy luxury goods, real estate, and further promote the scam. To exacerbate the losses, Icomtech introduced worthless proprietary tokens before the scheme eventually collapsed in 2019. Brend was identified as the public face of the fraudulent operation, while Rodriguez was described as its mastermind. Both individuals will also face additional restitution and forfeiture orders.
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