IcomTech’s former CEO admitted to wire fraud and running a Ponzi scheme.
Former head of IcomTech, Marco Ochoa, finds himself in the latest legal entanglement involving cryptocurrency fraud. On September 27, in the United States District Court for the Southern District of New York, Marco Ochoa pleaded guilty to a single count of conspiracy to commit wire fraud in connection with the Ponzi scheme orchestrated by IcomTech. Notably, Ochoa held the position of CEO at IcomTech from its inception in 2018 until 2019. According to an official statement from the U.S. Department of Justice, IcomTech enticed investors with the promise of daily returns on investment products. These products were purportedly linked to a crypto mining and trading enterprise. To attract customers, promoters of IcomTech organized extravagant expos and various community events on a global scale. Additionally, the company introduced its proprietary token, referred to as the “Icom.” However, it has come to light that the company did not engage in cryptocurrency mining as claimed. ...