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Crypto Scam Collapses: Icomtech Founders Sentenced for Ponzi Scheme Fraud

By admin On Dec 4, 2024

David Brend and Gustavo Rodriguez, key figures in the cryptocurrency Ponzi scheme Icomtech, have been sentenced to 10 and eight years in prison, respectively, for defrauding thousands of investors. Icomtech falsely marketed itself as a crypto trading and mining company, promising guaranteed daily returns. Victims, lured by flashy events and promises of wealth, invested through online portals displaying fake profits. Instead, funds were siphoned off for luxury goods, real estate, and further promotion of the scheme. As complaints grew, Icomtech introduced worthless proprietary tokens, worsening victims’ losses before the scheme collapsed in 2019. U.S. Attorney Damian Williams described Brend as the face of the fraudulent enterprise and Rodriguez as its architect. Both face additional restitution and forfeiture orders.

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