Marco Ruiz Ochoa, the previous govt of IcomTech, has come ahead with a confession about his half in a infamous cryptocurrency Ponzi scheme. Beyond the flashy reveals of luxurious, IcomTech had seduced traders with guarantees of day by day returns on crypto mining and buying and selling ventures. However, such guarantees have been empty, as the corporate’s supposed crypto operations have been non-existent.
IcomTech’s Mirage of Legitimate Operations
Investors have been lured by IcomTech’s elaborate occasions the place promoters, together with Ochoa, flaunted their luxurious automobiles and high-end apparel. The extravagant environment was deliberately set to generate buzz about their schemes. Consequently, traders have been misled into shopping for “cryptocurrency-related investment products,” anticipating large income.
But, behind the scenes, their investments weren’t funneled into any crypto buying and selling or mining. Instead, funds from new traders have been utilized to repay earlier ones. Moreover, vital quantities have been siphoned for private luxuries and different unauthorized expenditures.
By 2018, many traders confronted difficulties making an attempt to withdraw their investments. Excuses, delays, and hidden charges greeted them. However, regardless of these purple flags, IcomTech promoters, together with Ochoa, didn’t stop their operations. They continued to host occasions, drawing in extra traders and their cash.
Adding to the online of deceit, IcomTech launched proprietary crypto tokens referred to as “Icoms.” These have been projected as promising ventures however, in actuality, had no value, resulting in much more losses for the unsuspecting traders. By the top of 2019, the home of playing cards crumbled as IcomTech collapsed.
Judiciary Stance Against Crypto Exploitations
Damian Williams, U.S. Attorney for the Southern District of New York, said,
“Today’s guilty plea sends a clear message that we are coming after all of those who seek to exploit cryptocurrency to commit fraud.”
Hence, the justice system’s commitment to safeguarding traders stays unwavering.
Additionally, the Commodity Futures Trading Commission has charged different IcomTech figures, together with David Carmona, Juan Arellano Parra, and Moses Valdez, emphasizing the depth of the rip-off that appeared to focus on Spanish-speaking communities primarily.
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