Marco Ruiz Ochoa’s Admission in iComTech Fraud 2023
On Dec. 20, 2023, iComTech promoter Marco Ruiz Ochoa pleaded guilty to one count of Conspiracy to Commit wire fraud, concluding a legal saga that began with his indictment in October 2022. Arrested in November 2022, Ruiz-Ochoa’s charges stem from his involvement in promoting the MLM crypto Ponzi scheme, iComTech.
Launched in 2018, iCom lured investors with promises of daily returns reaching up to 2.8%. Targeted primarily at Spanish-speaking communities in the US and Latin America, the scheme eventually collapsed in mid to late 2019.
Originally set for sentencing on December 12th, Ruiz-Ochoa’s sentencing has been rescheduled for January 18th, 2024, due to issues with his Presentence Investigation Report. Meanwhile, his fellow iComTech defendants are slated to face trial on February 12th, 2024.
In a November 28th update, David Brend’s attorney cited a scheduling conflict, leading the court to establish a firm trial date of February 28, 2024.
What was the icomtech ponzi scheme?
IcomTech, a vast cryptocurrency Ponzi scheme, deceived investors with false promises of guaranteed daily profits from cryptocurrency trading and mining. Despite claiming to be engaged in these activities, the company diverted funds from new investors to pay existing ones, perpetuating the scheme.
IcomTech introduced its own token, the Icom. Promoters orchestrated events to create enthusiasm, and victims invested using various payment methods. Despite online portal “profits,” investors faced challenges withdrawing significant amounts. The company collapsed in late 2019, and its founder and CEO, Marco Ruiz-Ochoa, has admitted guilt to one count of wire fraud conspiracy tied to the Ponzi scheme.
Icom mining scam CEO Marco Ruiz Ochoa pleads guilty to fraud, faces 20 years in prison
The ex-CEO of a block reward mining and trading scam, accused of defrauding thousands, has admitted to wire fraud and could face two decades in prison.
In 2018, Marco Ruiz Ochoa took the reins at Icom, partnering with founder David Carmona and three others until his replacement in 2019. Authorities allege the team enticed investors with false assurances of guaranteed daily returns from digital asset trading and mining.
Contrary to these promises, the U.S. Justice Department states IcomTech had no revenue-generating activities. Instead, executives operated a Ponzi scheme, using funds from new investors to pay earlier ones.
Ochoa orchestrated a nationwide campaign, presenting a facade of wealth at expos and community events to mislead potential investors. The team, typical of scammers, flaunted luxury cars and designer attire to feign success.
As the Ponzi scheme faltered, IcomTech frustrated investors with withdrawal delays, excuses, and concealed fees. In 2018, they introduced “Icoms,” a worthless native token promising value upon widespread acceptance. Ultimately, the company ceased all payments, leading to its collapse in 2019.
Ochoa pleaded guilty to conspiracy to commit wire fraud, carrying a potential 20-year prison sentence. U.S. Attorney Damian Williams emphasized the message that cryptocurrency exploitation for fraud won’t be tolerated.
This guilty plea follows the Southern District of New York sentencing Pablo Rodriguez to 12 years for a similar scam involving AirBit Club. Earlier this month, a co-founder of the colossal OneCoin scam received a 20-year prison term for his role in the $4 billion fraud.
what was the total amount of money lost in the icomtech ponzi scheme
The exact sum lost in the IcomTech Ponzi scheme remains undisclosed. Nevertheless, investors were assured daily returns on the company’s investment products, claiming to engage in crypto mining and trading. Additionally, IcomTech introduced its own token, Icom, pitched as an investment opportunity.
To infuse liquidity, IcomTech sold proprietary crypto-tokens, which, unfortunately, proved worthless, contributing to further financial harm for victims. By the close of 2019, the company ceased payments, leading to its eventual collapse.
Promoters, including Ochoa, diverted funds, spending them on personal luxuries such as high-end goods and real estate.
