Michaela Alvez
A Manhattan judge has sentenced cryptocurrency salesman and IcomTech promoter David Brend to 10 years in prison after his conviction on conspiracy to commit wire fraud.
Brend was convicted for his involvement in promoting the fraudulent cryptocurrency mining and trading platform, IcomTech, in March 2024. On December 2, U.S. District Court for the Southern District of New York Judge Jennifer Rochon sentenced Brend to 120 months in jail, ordering him to serve his time at the Federal Prison Camp in Pensacola, Florida.
About a month ago, Judge Rochon also sentenced Gustavo Rodriguez, another promoter involved in the IcomTech cryptocurrency scam, to eight years in prison. The judge emphasized that the lengthy-term was intended to deter others from engaging in similar crypto fraud schemes.
According to the U.S. Attorney’s Office for the Southern District of New York, Brend worked with David Carmona to run IcomTech which “guaranteed daily returns” to investors.
U.S. prosecutors claim that customer funds were used to “pay other victims to further promote the schemes and enrich themselves” and no actual crypto mining occurred.
Brend served as a “face-to-face salesman” for IcomTech, actively promoting the fraudulent cryptocurrency platform and its false promises of lucrative returns. “Together with others, Brend and Rodriguez defrauded thousands of people out of millions of dollars,” U.S. Attorney Damian Williams stated.
Additionally, the IcomTech promoters enhanced their scam by attending expos in luxury cars and wearing expensive clothing, creating the illusion of wealth to entice investors into believing the company could deliver high returns.
In addition to his promotional efforts, Brend traveled across the country to encourage potential victims to invest in the company’s platform, promising them “financial freedom” through its investment products.
The indictment described IcomTech as a cryptocurrency Ponzi scheme, which defrauded users of over $8 million between 2018 and 2019.
In 2022, Carmona, referred to as the alleged “mastermind” behind the IcomTech Ponzi scheme, was arrested and later sentenced to 10 years in prison in October. Similarly, the company’s former CEO, Marco Ochoa, was sentenced to five years in January 2024 after pleading guilty to conspiracy to commit wire fraud.
Brend has been ordered to pay $40,000 in forfeiture as part of his sentence. He is also required to surrender to prison authorities on December 16.
Read More
- SEC Charges Brothers Over $60 Million Crypto Ponzi Scheme
- Solana in a Jam: Vote Transactions, Validator Woes, and a Hint of Ponzi?
- Bitcoin Competes with Gold, Not Currency, Says Fed Reserve Chairman
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
