IcomTech Ponzi Scheme: Senior Promoter Sentenced to 71 Months in Prison

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Release Time:12/19/2025 13:16:33

A U.S. court has sentenced IcomTech Ponzi scheme senior promoter Magdaleno Mendoza to 71 months in prison under EU Markets in Crypto-Assets Regulation pressures. Mendoza admitted to the fraud and must pay $789,218.94 in restitution, forfeit $1.5 million, and give up a California property. The scheme, active from mid-2018 to late 2019, promised daily returns through fake crypto mining and trading, misleading investors with false earnings. The CFTC filed a civil case in May 2023, leading to over $1 million in penalties and a permanent digital asset trading ban. The case highlights risks to liquidity and crypto markets from unregulated platforms.

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