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Senior IcomTech Promoter Sentenced to 71 Months in Multimillion-Dollar Crypto Ponzi Scheme

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Magdaleno Mendoza, a top IcomTech promoter, was sentenced to 71 months in prison for a crypto Ponzi scheme that defrauded investors of millions. The fake mining operation, which promised guaranteed returns, collapsed in 2019. Mendoza must pay $789,000 in restitution and forfeit $1.5 million in assets. The scheme used new investor funds to pay earlier ones while lining his pockets. Spanish-speaking communities were the main targets.
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