Marco Ochoa, the former CEO of IcomTech, suffered a serious legal defeat when he was found guilty of conspiring to conduct wire fraud and was sentenced to five years in jail. Judge Jennifer Rochon rendered the decision on January 19 in the United States District Court for the Southern District of New York. Ochoa is also required to pay $914,000 and begin serving his 60-month term on March 19; the sentence will be followed by two years of supervised release.enges in the midst of a more severe crackdown by US officials.
Ochoa pled guilty in September to one count of conspiracy to conduct wire fraud, which was directly connected to a Ponzi scheme involving cryptocurrencies that took place between 2018 and 2019, when he was CEO of IcomTech. IcomTech was described by U.S. Attorney Damian Williams as a massive cryptocurrency imitation scheme, in which Ochoa was instrumental in both its growth and the harm it caused to a great number of victims. According to the Justice Department, IcomTech promised daily profits on investment products to attract investors, but it did not make it easy for them to withdraw their money.
About three years after the demise of the corporation, in November 2022, formal charges were brought against Ochoa and other IcomTech executives. IcomTech's founder, David Carmona, entered a guilty plea to one count of conspiracy to conduct wire fraud in December 2023. Ochoa is the first to face sentencing; the other four former executives engaged in the case have pleaded guilty or not guilty. Amidst an escalated crackdown by U.S. authorities, several well-known players in the bitcoin industry have had to navigate legal issues over the past year.
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