Former IcomTech CEO Sentenced to 5 Years in Prison for Operating a Ponzi Scheme
Marco Ruiz Ochoa, the former CEO of IcomTech, has been sentenced to five years in prison for his involvement in promoting what turned out to be a Ponzi scheme.
Having pleaded guilty to fraud in September, Ochoa was found responsible for taking advantage of the cryptocurrency craze to deceive unsuspecting victims. In addition to serving five years in prison, he has also been ordered to pay back $914,000 in illicit gains and serve two years of supervised release.
“This significant sentence sends a message to anyone considering following in his footsteps: this path leads to lengthy prison terms.”
– US Attorney Damian Williams
Promotion Methods Used by IcomTech
In order to promote IcomTech, Ochoa and his associates employed a flashy marketing strategy, flaunting luxury cars and high-end clothing to create an illusion of success.
In 2018, when investors began requesting withdrawals, IcomTech executives presented them with multiple obstacles such as excuses, delays, and hidden fees. Despite these complaints, the promotion of IcomTech continued until the company ultimately collapsed in late 2019, according to prosecutors.
This case highlights the dangers of Ponzi schemes in the cryptocurrency industry and emphasizes the importance of conducting thorough research before investing in any platform.
