New York Jury Convicts Promoters of IcomTech Crypto Ponzi Scheme

Following a two-week trial, a New York jury has convicted David Brend and Gustavo Rodriguez, former promoters of IcomTech, a purported crypto mining and trading company, of wire fraud conspiracy. The conviction carries a maximum sentence of 20 years for their involvement in what prosecutors described as a Ponzi scheme. The U.S. Attorney's Office for the Southern District of New York stated that Brend and Rodriguez, along with other accomplices, misled investors by promising guaranteed daily returns from crypto trading and mining activities that were never conducted. Instead, investor funds were allegedly misappropriated to pay returns to earlier investors and for personal expenses, including real estate, travel, and extravagant events. Despite claims of profitable returns, investors found themselves unable to withdraw funds and were allegedly misled with a worthless token called "Icoms." The scheme collapsed in 2019, resulting in substantial losses for investors. Both Brend and Rodriguez are scheduled to be sentenced in June, facing significant prison time. The convictions follow earlier guilty pleas from IcomTech's former CEO, Marco Ochoa, and founder David Carmona, in related wire fraud conspiracy charges.