TechFlow, December 19 — According to Decrypt, Magdaleno Mendoza, a senior promoter for IcomTech, was sentenced by a U.S. federal court to 71 months in prison for running a cryptocurrency Ponzi scheme targeting Hispanic investors. The scheme, which falsely promised fixed returns through cryptocurrency mining and trading, operated as a classic multi-level传销 model. The court also ordered Mendoza to pay nearly $790,000 in restitution and forfeit $1.5 million in assets.
As disclosed by the U.S. Attorney’s Office for the Southern District of New York, IcomTech was launched in mid-2018 and collapsed by the end of 2019, resulting in millions of dollars in losses for investors. Mendoza had promoted at least two other crypto scams and participated in three similar fraudulent schemes after IcomTech’s collapse.
