Throughout a court docket session on December 2, held within the Southern District of New York, David Brend was handed a 120-month sentence by Choose Jennifer Rochon for his fraudulent cryptocurrency scheme tied to the IcomTech platform.
Along with the decade-long imprisonment, Brend faces monetary penalties, together with $40,000 in forfeiture. He’s required to report back to jail authorities by December 16.
IcomTech, posing as a legit cryptocurrency mining and buying and selling agency, orchestrated a scheme that defrauded hundreds of traders of over $8 million between 2018 and 2019.
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Brend, together with different promoters, traveled throughout the nation to market the platform’s funding alternatives, promising “monetary freedom” to potential traders. As an alternative of participating in real enterprise actions, the corporate utilized funds from new members to pay returns to earlier traders—a traditional Ponzi scheme tactic.
The promoters diverted giant parts of the victims’ funds for private enrichment, together with luxurious purchases and actual property acquisitions. In keeping with the US Legal professional’s workplace, they withdrew giant sums as money and spent cash on promotional occasions to additional the misleading enterprise.
In the meantime, Gustavo Rodriguez, one other determine within the fraud and the designer of IcomTech’s web site, obtained an eight-year sentence roughly a month earlier than Brend’s sentencing.
The sentencing of IcomTech’s promoter exhibits the rising scrutiny round cryptocurrency’s darker aspect. In the meantime, Roger Ver, often called “Bitcoin Jesus,” is making headlines by difficult tax evasion allegations. How did the case unfold? Learn the complete story.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Warfare II period.With near a decade of expertise within the FinTech trade, Aaron understands the entire greatest points and struggles that crypto fanatics face. He’s a passionate analyst who is worried with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and trade newcomers.Aaron is the go-to individual for every little thing and something associated to digital currencies. With an enormous ardour for blockchain & Web3 training, Aaron strives to remodel the area as we all know it, and make it extra approachable to finish inexperienced persons.Aaron has been quoted by a number of established retailers, and is a broadcast creator himself. Even throughout his free time, he enjoys researching the market traits, and on the lookout for the following supernova.
