Following a two-week trial, a New York jury has found David Brend and Gustavo Rodriguez guilty of wire fraud conspiracy related to their involvement with IcomTech, a purported crypto mining and trading company.
The duo, facing a maximum sentence of 20 years, were convicted for their roles in what authorities describe as a “Ponzi” scheme orchestrated by IcomTech’s founder, David Carmona.
Prosecutors revealed that Carmona hired Rodriguez to develop IcomTech’s website, which falsely advertised guaranteed daily returns from crypto trading and mining. However, investigations uncovered that the company never engaged in these activities and instead used investor funds to pay off previous investors.
Rodriguez, in addition to his website development duties, advised on investment package pricing and fabricated daily returns. Meanwhile, Brend and other promoters embezzled significant sums for personal use, including real estate purchases and extravagant events to entice more investors.
Despite promises of financial gains, investors were unable to withdraw profits and were met with excuses and hidden fees. Additionally, IcomTech introduced a worthless token called “Icoms” to generate more funds.
The scheme ultimately defrauded tens of thousands of individuals of tens of millions of dollars, leading to prison sentences for Carmona and Ochoa, with Brend and Rodriguez awaiting sentencing.
Brend is scheduled to be sentenced on June 27, and Rodriguez is scheduled for sentencing the day after on June 28.
Also Read: Oconomowoc Woman Defrauded of $24,000 in Crypto Scam
