According to Decrypt, IcomTech senior salesperson Magdaleno Mendoza has been sentenced to 71 months in prison by a US federal court for running a cryptocurrency Ponzi scheme targeting Hispanic investors.
Under the guise of cryptocurrency mining and trading, the scam promised fixed returns, but in fact it was a typical multi-level pyramid scheme. The court also ordered Mendoza to pay nearly $790,000 in damages and seize $1.50 million in assets. According to the U.S. Attorney's Office for the Southern District of New York, IcomTech was founded in mid-2018 and collapsed at the end of 2019, losing millions of dollars to investors. Mendoza had promoted at least two other crypto scams and participated in three more after IcomTech collapsed.
IcomTech crypto Ponzi scheme salesperson sentenced to 71 months in prison
2025-12-19 06:33:36
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