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Former IcomTech CEO sentenced to five years in prison for wire fraud

by SuperiorInvest

Marco Ochoa, former CEO of crypto mining company IcomTech, was sentenced to five years in prison after pleading guilty to conspiracy to commit wire fraud.

According to a Jan. 19 filing in the U.S. District Court for the Southern District of New York, Judge Jennifer Rochon ordered Ochoa to forfeit $914,000 and voluntarily surrender to serve her 60-month sentence, beginning March 19. . He will be two years old. of supervised release.

Sentencing on January 19 in the United States District Court for the Southern District of New York. Source: PACER

In September, Ochoa pleaded guilty to one count of conspiracy to commit wire fraud related to a cryptocurrency-based Ponzi scheme at IcomTech. He was CEO of the mining firm from 2018 to 2019.

“IcomTech was one of these large-scale cryptocurrency scams and Ochoa, as the alleged CEO, played an important role in bringing IcomTech to scale and ultimately harming more victims,” U.S. Attorney Damian Williams said in September. .

According to the Department of Justice, IcomTech promised investors daily returns on its investment products, but they were unable to withdraw funds. Authorities charged Ochoa and other IcomTech executives in November 2022, about three years after the company collapsed.

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David Carmona, founder of IcomTech, also pleaded guilty to one count of conspiracy to commit wire fraud in December 2023. The four other former executives named as defendants in the case have pleaded guilty and not guilty, but Ochoa was the first. in being sentenced.

Many crypto figures have appeared in court over the past 12 months in response to the crackdown by US authorities. In November 2023, former FTX CEO Sam Bankman-Fried was found guilty of seven felonies and is expected to be sentenced in March. Former Binance CEO Changpeng Zhao pleaded guilty to a felony as part of a deal between prosecutors and the crypto exchange.

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