David Carmona

David Carmona was the “mastermind” behind IcomTech’s “Ponzi scheme," which netted an estimated $8.4 million from victims.

David Carmona, the founder of the cryptocurrency “Ponzi” scheme IcomTech, has been handed a 10-year prison sentence for conspiracy to commit wire fraud.

Carmona was the “mastermind” behind IcomTech, which “preyed upon working-class people by promising them complete financial freedom in exchange for parting with their hard-earned money,” United States Attorney Damian Williams said in an Oct. 4 statement.

The founder told investors the funds would be invested in crypto trading and mining activities and that profits would double every six months — but that was never the case, Williams said:

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