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Former IcomTech chief, Marco Ruiz Ochoa, admitted his role in a wire fraud conspiracy connected to a Ponzi scheme in New York's Southern District Court on September 27. Ochoa was at the helm of IcomTech from 2018 until its downfall in 2019.
The United States Justice Department disclosed that IcomTech lured its investors with promises of daily returns, claiming to be a pioneer in the cryptocurrency mining and trading sector. They spread their allure worldwide, organizing grand events and gatherings to draw in potential clients. Further, the company introduced their own cryptocurrency token, naming it Icom.
Contrary to its claims, the firm didn't partake in any crypto mining. Investors were left in the lurch as they couldn't access their supposed profits from their accounts. By the end of 2019, IcomTech had crumbled. By November, the authorities pressed charges against Ochoa and several other key figures in the company. For his part in the scam, Ochoa might face up to two decades behind bars. Damian Williams, U.S. Attorney, commented on the incident, emphasizing the commitment of the authorities in nabbing those exploiting the cryptocurrency industry for fraudulent purposes.
Interestingly, a day before Ochoa's admission, Pablo Rodriguez, who co-founded the AirBit Club Ponzi, was handed a 12-year prison term by another judge in the same court.
In a parallel development on September 27, the Commodity Futures Trading Commission (CFTC) released charges against Mosaic Exchange Limited and its leader, Sean Michael. The accusations revolve around the company enticing investors to engage in various cryptocurrency transactions. Kristin Johnson, CFTC commissioner, provided details about Mosaic's unregistered trades on platforms like BitMEX and Binance.
She also shed light on these platforms' previous charges related to lapses in implementing essential financial procedures. Johnson expressed the urgency for the CFTC to usher in regulations to plug potential loopholes in these emerging financial setups.
