iComTech Ponzi promoter David Brend has been sentenced to 10 years in jail.
Brend’s sentence was handed down on December 2nd, following a responsible verdict in March 2024.
Following Brend’s sentence, he’ll additional be topic to 3 years of supervised launch.
On the cash facet of issues, Brend (proper) pays a $40,000 civil financial penalty. Restitution has additionally been ordered, to be decided at a later date.
The DOJ has put forth a proposed $195,305 forfeiture quantity, which Brend has opposed.
Brend additionally filed an enchantment in opposition to his jail sentence on December twelfth.
iComTech was an MLM crypto Ponzi that collapsed in mid to late 2019.
Following their respective indictments, iComTech founder David Carmona, Rodriguez and 4 different iComTech defendants had been arrested in 2022.
- David Carmona (responsible plea), was sentenced to 10 years in jail in October 2024
- Marco Ruiz-Ochoa (responsible plea), was sentenced to 5 years in jail in January 2024
- Gustavo Rodriguez (responsible verdict), was sentenced to eight years in jail in November 2024
- Moses Valdez’s standing is unclear, there have been 4 sealed filings on his docket since April thirtieth, 2024
- Juan Arellano (responsible plea), was scheduled for sentencing on September seventeenth however his present standing can be unclear (additionally 4 sealed filings since April thirtieth, 2024)
Along with prison costs, the CFTC additionally filed civil iComTech associated fraud costs in Might 2023. The CFTC secured a $1.09 million default judgment in November 2024.