TechFlow news, October 5 — According to The Block, U.S. District Judge Jennifer L. Rochon for the Southern District of New York sentenced IcomTech founder David Carmona to 121 months in prison on October 4. The 41-year-old Carmona previously pleaded guilty to one count of conspiracy to commit wire fraud. Prosecutors said Carmona founded IcomTech in 2018, claiming it was a cryptocurrency mining and trading company that promised investors substantial returns. In reality, the company conducted no actual mining or trading activities, instead using the funds to pay other investors and cover personal expenses. U.S. Attorney Damian Williams stated that Carmona's scheme primarily targeted working-class individuals, promising them complete financial freedom.
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