Magdaleno Mendoza‘s role in the IcomTech-related cryptocurrency pyramid scheme has come to the fore once again with a new conviction in the USA. Mendoza, 56, was sentenced to nearly six years in prison for organizing investors, particularly within Spanish-speaking working-class communities. US Department of Justicemade on Thursday to explain The decision comes after Mendoza pleaded guilty in July to charges of both wire fraud conspiracy and illegal reentry into the United States.
71 Months Prison Sentence for Mendoza in IcomTech Case
Magdaleno Mendoza, who is called a “senior promoter” in the USA, IcomTech He was sentenced to 71 months in prison for his influence in gathering investors and expanding the network on his behalf. In the statement made by the US Department of Justice, it was emphasized that Mendoza stood out in a recruitment scheme that specifically targets Spanish-speaking victims with limited investment experience.
U.S. Attorney for the Southern District of New York Jay Claytondescribed Mendoza’s role as critical in winning over investor victims and building trust in Spanish-speaking communities. cryptocurrency He stated that he was exploited with promises. According to Clayton, Mendoza and others were part of a structure that deprived working-class people of millions of dollars in savings.
The decision follows previous fines linked to IcomTech. According to the information in the text, the founder David CarmonaHe was sentenced to 121 months in prison, equivalent to approximately 10 years, in October 2024. Former CEO Marco Ruiz Ochoa He was sentenced to five years in prison in January 2024.
How Did the “Guaranteed Earnings” Promised by the Company Turn into a Scam?
IcomTech in mid-2018 cryptocurrency mining and was introduced as a cryptocurrency trading company. Investors were promised guaranteed returns in exchange for funds. However, according to the statement of the US Department of Justice, the structure never carried out the promised mining or trading activities. Instead, new investor money paid those who had previously entered the system and financed the promoters’ luxury lifestyle expenses.
Mendoza was cited in court documents as one of IcomTech’s most senior promoters, regularly coordinating with Carmona and traveling to hold promotional events across the United States. These events emerged as the primary mechanism for sustaining investor acquisition and money flow.
Citing an earlier announcement by the CFTC, it was stated that some IcomTech operators collected at least $1 million from 190,000 companies in the United States and other countries. Mendoza was additionally ordered to pay approximately $790,000 in restitution and forfeiture of $1.5 million. It was also decided that his interest in his home in Downey, California, which was stated to have been purchased with the proceeds of crime, would be confiscated.
