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IcomTech Former Promoters Convicted for Wire Fraud

In a recent publication, the Office of Attorney of the Southern District of New York took decisive action to bring to justice two promoters linked to the IcomTech saga. After a lengthy investigation, the court in New York found David Brend and Gustavo Rodriguez guilty of committing wire fraud. Guided by the existing rules the jury called for the sentencing of the two IcomTech promoters. 

The judge announced that Brenda and Rodriguez would serve 20 years imprisonment. The incident was first reported in 2019 when IcomTech deviated from its core business of becoming a ponzi scheme. Initially, the IcomTech team promised the customers high returns on crypto mining and trading activities. 

Court Call for Sentencing of Two IcomTech Promoters

To hype the project the IcomTech deployed various strategies to mislead the investors into venturing into their dubious schemes. Later after the company failed to generate substantial returns it failed to pay the investors as agreed. 

The IcomTech turned out to be a Ponzi scheme after the customers complained of delayed withdrawals and hidden charges. The multiple complaints from IcomTech investors compelled the law enforcers to intervene and address the matter. 

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Initially, the IcomTech firm was started by David Carmona as a crypto mining and trading company. At first, IcomTech acted as a profit-chasing company with the desire to gain a considerable market share. 

In 2018 the IcomTech team recruited Rodriquez as a company promoter. During the appointment of Rodriquez the IcomTech team mandated the new hire with the role of promoting the “IctomTech” website which offered crypto mining and trading services. 

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At that time Rodriquez joined Brenda and other marketing teams to promote the IcomTech products. In their daily undertaking, Rodriguez and Brenda claimed that customers investing in IcomTech trading and mining products will receive daily returns.

IcomTech Official Charged for Defrauding Customers

The company later launched Icom tokens which were expected to be introduced as units of measure. The IcomTech team believed that after businesses accepted the Icom token as a payment method the digital coin would gain popularity.

A review of court documents demonstrated that IcomTech was neither trading nor a mining company. The prosecutors noted that after hyping IcomTech products the company used the investors’ funds to repay other investors.

To attain the desired result Rodriquez contributed to faking the daily returns generated from IcomTech activities. He also advised the IcomTech on the pricing of the investment packages and financial decisions.

The court noted that Rodriquez was in charge of the IcomTech portal and website responsible for making payments to the investors. The failure of IcomTech prompted the US law enforcement unit to closely monitor the transactions made by the Ponzi scheme.

Months after the closure of IcomTech the law enforcers noted that Brenda, Rodriquez, and other promoters drained substantial amounts of customers’ funds from the company. At one point the promoters pilfered hundreds of thousands of dollars from IcomTech customers’ funds. 

Global Law Enforcers Take Action Against Individuals Defrauding Investors

The stolen funds were used to acquire properties, and real estate and cater for the promoters’ lavish lifestyle. Occasionally Brenda and colleagues hosted expos and community events to promote the IcomTech products. 

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In these events, the officials showed up in expensive cars and dressed in customized attires. Their lavish lifestyle was a tactic used by IcomTech promoters to lure the investors that they would gain financial freedom after investing in their products.

Rodriquez and the team used to regularly update the portal on the profit the company made. The profit displayed on the portal was confirmed to be fake. A statement from the US attorney Damian Williams revealed that IcomTech defrauded tens of thousands of investors of their hard-earned money. 

Williams condemned the IcomTech for cheating innocent investors to venture into a ponzi scheme. He argued that the role of Brenda and Rodriquez in defrauding the investors was punishable by the law. 

The official confirmed that the two will remain behind bars for some time. He confessed that the sentencing of Brend and Rodriquez was scheduled in late June this year.

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Kimberly Crain

Kimberly Crain is a seasoned crypto trader and writer, offering valuable insights into the digital asset market. With expertise in trading strategies and a passion for blockchain technology, her concise and informative articles empower readers to navigate the evolving world of cryptocurrencies.

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