Two Face Prison for Roles in Multi-Million Dollar Cryptocurrency Ponzi Scheme
Promoters Sentenced for Scamming Thousands
Two men have been sentenced to prison for their roles in IcomTech, a multi-million dollar cryptocurrency Ponzi scheme that defrauded thousands of victims.
U.S. Attorney Damian Williams announced the sentences, “David Brend and Gustavo Rodriguez were central to the IcomTech Ponzi scheme. Rodriguez was the chief architect of its phony website, and Brend acted as a salesman, peddling this bogus enterprise and claiming lucrative returns for investors. Working with others, Brend and Rodriguez swindled thousands of people out of millions of dollars. Both were convicted by a unanimous jury, and now they will rightfully serve substantial time in prison for their crimes,” Williams emphasized.
IcomTech was launched in mid-2018, when codefendant David Carmona hired Rodriguez to build the scheme’s website. The company presented itself as a cryptocurrency mining and trading platform, promising investors substantial profits in exchange for their investment in cryptocurrency-related products.
Co-conspirators like Brendan promoted the company by heavily emphasizing the purported returns and successful investments to individuals during elaborate marketing campaigns and presentations. They often flaunted their supposed success with luxurious cars and lavish lifestyles, further bolstering the image of IcomTech’s legitimacy.
The Bait and Switch
In reality, IcomTech used victims’ funds to pay earlier investors, passed off the scheme as legitimate Bitcoin mining, and restricted any signs of withdrawal for those seeking their initial investment.
Victims were lured in with promises of daily returns and were given access to a fraudulent online portal to monitor their supposed earnings. However, most victims found themselves unable to withdrawal the described returns
Meanwhile, Brend and Carmona manipulated fund distributions.
Rodriguez maintained and developed the website and online portal. He collaborated with Carmona to structure the IcomTech’s compensation plan and investment products. While victims believed they were participating in a legitimate trading business, IcomTech used the funds to pad their own pockets.
When victims attempted to withdraw their funds, they faced delays, excuses, and hidden fees, further ensuring loyalty to IcomTech.
The scheme collapsed in late 2019, leaving thousands of victims with substantial financial losses.
Justice Served
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是一种虚假投资，在其中 作为有限的区域性 entreprise潮汐。 两名负责该劣质的计划的男子，佳斯特尔·罗德里格斯和戴वि戴斯·布伦德，现在被判处分别服刑十年和八年。
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## Two Face Prison for Roles in Multi-Million Dollar Cryptocurrency Ponzi Scheme
**Intro music**
**Host:** Welcome back to the show. Today’s headline centers around a multi-million dollar cryptocurrency scam that has landed two individuals behind bars. Joining us to discuss the details is legal expert Sarah Miller. Sarah, thanks for being here.
**Sarah Miller:** It’s my pleasure to be here.
**Host:** So, Sarah, can you tell us about this cryptocurrency scam and who was involved?
**Sarah Miller:** Absolutely. This case involved a company called IcomTech, which was positioned as a cryptocurrency mining and trading platform [[2](https://ny.cbslocal.com/2023/03/16/icomech-cryptopherds-sentenced-prison/)]. Two men, David Brend and Gustavo Rodriguez, were sentenced to prison for their roles in this scheme, which defrauded thousands of investors out of millions of dollars.
**Host:** How exactly did this Ponzi scheme work?
**Sarah Miller:** Like many Ponzi schemes, IcomTech lured investors with the promise of substantial returns on their investment in cryptocurrency-related products. In reality, however, these were fake returns generated by using money from new investors to pay off earlier ones.
**Host:** What were the roles played by Brend and Rodriguez in this scheme?
**Sarah Miller:** According to U.S. Attorney Damian Williams, Rodriguez was the mastermind behind the fake website, creating the illusion of a legitimate platform. Brend, on the other hand, acted as a salesman, actively promoting IcomTech and exaggerating potential returns to convince people to invest [[2](https://ny.cbslocal.com/2023/03/16/icomech-cryptopherds-sentenced-prison/)].
**Host:** What message does this case send to potential cryptocurrency investors?
**Sarah Miller:** This case serves as a stark reminder to be incredibly cautious when investing in cryptocurrency. Always thoroughly research any platform or company before handing over your money and be wary of promises of guaranteed high returns.
**Host:** Thanks for shedding light on this important case, Sarah.
**Sarah Miller:** My pleasure.
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