A senior promotional figure of the cryptocurrency platform IcomTech has been sentenced to nearly 6 years in federal prison for his role in a multi-million dollar Ponzi scheme targeting Spanish-speaking working investors in the US. According to prosecutors, Magdaleno Mendoza played a central role in promoting IcomTech – a company claiming to mine and trade cryptocurrencies, operating from 2018 to 2019.
IcomTech promised “guaranteed daily profits” but in reality operated as a multi-level Ponzi scheme, using new investor funds to pay existing investors, while leaders embezzled money for personal purposes. Mendoza was ordered to pay nearly $790,000 in restitution, forfeit $1.5 million, and a house in California.
Additionally, Mendoza was convicted of multiple illegal entries. Previously, IcomTech founder David Carmona was sentenced to 10 years in prison, along with several other heavy penalties for accomplices.
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