Gustavo Rodriguez, a former promoter of the cryptocurrency company IcomTech, was sentenced to eight years in prison for participating in fraud. Southern District of New York Judge Jennifer Rochon found that Rodriguez made false statements in court but issued a lighter sentence than prosecutors had requested.
Founded in 2018 by David Carmona, IcomTech presented itself as a mining and cryptocurrency trading company, promising guaranteed returns but engaged in no real activity. Instead, it operated as a Ponzi scheme, where new investors' funds were used to pay the old ones.
