‍IcomTech Promoter Sentenced to 71 Months for Multi-Million Crypto Ponzi Magdaleno Mendoza has received a 71-month sentence for his role in the IcomTech Ponzi scheme, which defrauded working-class Spanish-speaking investors between 2018 and 2019. Promoters promised guaranteed daily returns from nonexistent crypto mining and trading activities. Mendoza was ordered to pay over $789,000 in restitution and forfeit $1.5 million. The scheme exploited affinity fraud tactics, targeting specific communities. Courts are focusing on traditional fraud factors, with sentences reflecting victim harm and the perpetrator's leadership role. Mendoza also faces charges for illegal reentry and has promoted other schemes.

Cryptovka

IcomTech Promoter Sentenced to 71 Months for Multi-Million Crypto Ponzi

A senior promoter of the fraudulent cryptocurrency platform IcomTech has been sentenced to nearly six years in federal prison for his role in a...