Once hailed as a promising venture in the crypto trading realm, IcomTech faced a dramatic downfall in 2019. A Ponzi scheme masterminded by the company’s CEO, Marco Ochoa, became its infamous legacy. Ochoa’s reign over IcomTech began in 2018, lasting until its demise the following year.
Investors’ Lured by Lavish IcomTech Events and Promises
IcomTech’s rise to prominence was meteoric, largely due to the promise of daily returns on investment products. Investors from across the globe were lured with tempting offers and the illusion of profitability. Expensive expos and community events were organized worldwide, putting on a grand show of legitimacy. The cherry on top? The introduction of their cryptocurrency token, the Icom.
Yet, behind this glamorous façade lay a web of deceit. Contrary to their assertions, IcomTech never engaged in crypto mining. Investors, while able to see their ‘profits’ increase on the company’s online portal, found themselves unable to access these funds. Most met the grim reality of total investment loss.
The narrative becomes more unsettling upon closer inspection of the financial flows. While genuine investors witnessed their funds stagnate, key players within IcomTech, including Ochoa himself, had a different experience. These individuals diverted vast sums from genuine investors, sometimes hundreds of thousands. This ill-gotten wealth was spent on promoting IcomTech and, disturbingly, personal indulgences such as opulent goods and property acquisitions.
The Hand of Justice
In the wake of the company’s 2019 collapse, legal actions swiftly followed. By November 2022, charges were officially levied against Ochoa and other top brass at IcomTech. A poignant statement from U.S. Attorney Damian Williams underscored the gravity of their actions, emphasizing that fraudulent exploitation of cryptocurrency would not go unchecked.
Ochoa acknowledged guilt in the United States District Court for the Southern District of New York on September 27. The plea carries a potential prison sentence of two decades.
IcomTech’s narrative is disturbingly reminiscent of other fraudulent ventures. Notably, just a day before Ochoa’s guilty plea, Pablo Rodriguez, another Ponzi scheme architect from AirBit Club, received a 12-year prison verdict from a separate judge in the same Southern District.