Marco Ruiz Ochoa pleaded guilty to one count of conspiracy to commit wire fraud in the Southern District Court of New York on September 27 in connection with a Ponzi scheme perpetrated by IcomTech. Ochoa served as CEO of IcomTech from its founding in 2018 to 2019.
according to statement From the US Department of Justice, IcomTech promised investors daily returns on investment products offered by the company, which is purported to be a cryptocurrency mining and trading company. Promoters hosted “lavish fairs” and other community events around the world to attract customers. The company also issued its own token called Icom.
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However, the company allegedly did not mine cryptocurrencies, and investors were unable to withdraw the profits they saw accumulating in their accounts. The company collapsed in late 2019. Ochoa and other IcomTech executives were charged in November. Ochoa faces a maximum sentence of 20 years in prison. US Attorney Damien Williams said:
“Today’s guilty plea sends a clear message that we are pursuing all those who seek to exploit cryptocurrencies to commit fraud.”
Ochoa’s plea came one day after Pablo Rodriguez, co-founder of AirBit Club Ponzi, was sentenced to 12 years in prison by a different judge in the Southern District Court of New York.
CEO of cryptocurrency Ponzi scheme IcomTech pleads guiltyhttps://t.co/ov6BMTZ11K
– SDNY US Attorney (@SDNYnews) September 27, 2023
Also on September 27, the Commodity Futures Trading Commission (CFTC) met. Announce Charges against Mosaic Exchange Limited and its CEO Sean Michael. Mosaic Exchange allegedly enticed investors to allow it to enter into “futures contracts, swaps, and leveraged spot transactions in cryptocurrencies” on their behalf. Commodity Futures Trading Commission (CFTC) Commissioner Christine Johnson said in… statement On the charges:
“Mosaic was able to trade digital asset derivatives on BitMEX and Binance, two platforms that were previously accused by the CFTC of, among other things, failing to register as FCM.” [futures commission merchant]sword [swap execution facility]or DCM [designated contract market]and failure to implement anti-money laundering and know-your-customer procedures.
“Under our current authority, the CFTC should begin introducing regulation to address gaps that may exist in these new market structures,” she continued.
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