David Carmona, the founder of the Icomtech cryptocurrency Ponzi scheme, has been sentenced to over 10 years in prison for defrauding investors. Carmona targeted working-class individuals, promising them financial freedom through cryptocurrency trading and mining that did not actually occur. He held lavish expos to attract more victims and used new investors' funds to pay off earlier ones. The scheme collapsed in 2019, leaving victims unable to withdraw their funds. Carmona has been sentenced to 121 months in prison and 3 years of supervised release.



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