Former IcomTech CEO Marco Ochoa Receives Five-Year Sentence for Crypto Fraud
Summary:
Marco Ochoa, the former CEO of crypto mining company IcomTech, received a five-year prison sentence after pleading guilty to a charge of conspiracy to commit wire fraud. A U.S. District Court judge also ordered Ochoa to forfeit $914,000 on January 19. Ochoa's charges emerged from his role in a fraudulent scheme at IcomTech, which enticed investors with daily returns they couldn't withdraw. The case is one of many recent legal proceedings against crypto figures as U.S. enforcement agencies intensify actions against crypto-related crimes.
On January 19, Judge Jennifer Rochon of the United States District Court for the Southern District of New York mandated that former IcomTech CEO, Marco Ochoa, forfeit $914,000 and willingly report for a 60-month jail term starting March 19. The ruling also included a two-year period of supervised release for Ochoa. His sentencing followed a guilty confession to a charge of conspiracy to commit wire fraud.
As of September, Ochoa had admitted to engaging in conspiracy to commit wire fraud linked to a Ponzi scheme within the bounds of IcomTech, where he spearheaded the operations from 2018 to 2019. U.S. Attorney Damian Williams labelled IcomTech an imitation cryptocurrency scam of a grand scale, with Ochoa's leadership being instrumental in its expansion and consequent victimization of more individuals.
The Justice Department recounted that IcomTech tempted investors with daily ROIs on investment products, yet withdrawals remained unattainable. In November 2022, around three years post-IcomTech's downfall, legal charges were filed against Ochoa and other leading figures of the establishment.
IcomTech's initiator, David Carmona, also yielded to a count of conspiracy to commit wire fraud in December 2023. The trial saw both guilty and not guilty confessions from the remaining four past executives listed as defendants, with Ochoa being the foremost to receive sentencing.
In the past year, an array of crypto persona have been summoned to courts following intensified enforcement actions by U.S. authorities. November 2023 witnessed former FTX CEO Sam Bankman-Fried being held accountable for seven felony accusations, with sentencing slated for March. Changpeng Zhao, preceding Binance CEO, entered a guilty plea for a single felony in the wake of an arbitration with prosecutors and the crypto exchange.
Published At
1/19/2024 10:32:56 PM
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