Former IcomTech CEO Pleads Guilty in Cryptocurrency Ponzi Scheme
- Former IcomTech CEO, Marco Ruiz Ochoa, pleads guilty to wire fraud conspiracy in connection with a massive cryptocurrency Ponzi scheme.
- IcomTech, founded in 2018, falsely promised high cryptocurrency returns while using new investor funds to pay older investors and enrich the scheme’s promoters.
On September 27, 2023, Marco Ruiz Ochoa, the former CEO of IcomTech, entered a guilty plea before U.S. District Judge Jennifer L. Rochon. This plea marks a significant development in the investigation led by Damian Williams, the United States Attorney for the Southern District of New York, into IcomTech, a cryptocurrency Ponzi scheme that left investors defrauded with promised daily returns.
IcomTech, founded in 2018 by David Carmona with Ochoa as CEO until 2019, claimed to be involved in cryptocurrency mining and trading, assuring investors of substantial returns. However, the company never engaged in these activities. Instead, they used incoming investments to pay off previous investors and to line their own pockets.
Promotional Tactics
The promoters, including Ochoa, spared no effort in promoting IcomTech. They hosted events across the United States and internationally, showcasing luxury cars and designer clothing to create an illusion of legitimacy. Despite the grandeur, investors found themselves unable to withdraw their supposed profits, resulting in substantial losses.
Investor difficulties surfaced as early as August 2018, when withdrawals from online portal accounts became problematic. In response, IcomTech promoters offered worthless proprietary crypto tokens called “Icoms,” which exacerbated financial losses for victims. By the end of 2019, IcomTech collapsed, leaving investors devastated.
Now, Marco Ruiz Ochoa, aged 35 and residing in Nashua, New Hampshire, faces a potential prison sentence of up to 20 years for his role in the scheme. The case is being managed by the Office’s Money Laundering and Transnational Criminal Enterprises Unit, with collaboration from the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Coincidentally, just one day before Ochoa’s guilty plea, Pablo Renato Rodriguez, co-founder of AirBit Club, received a 12-year prison sentence for his involvement in a similar cryptocurrency pyramid scheme. Co-defendants in that case have been ordered to forfeit around $100 million in assets. This serves as a stark reminder of the persisting issue of cryptocurrency scams, with additional co-defendant sentencings scheduled for early October 2023.
