Home
News
Details

Senior Promoter of IcomTech Cryptocurrency Ponzi Scheme Sentenced to 71 Months in Prison

iconChainthink
Share
Share IconShare IconShare IconShare IconShare IconShare IconCopy
Magdaleno Mendoza, a senior promoter in the IcomTech cryptocurrency Ponzi scheme, was sentenced to 71 months in prison for defrauding U.S. investors. The scheme, which falsely marketed itself as a cryptocurrency market player, used new funds to pay earlier investors. Mendoza targeted Spanish-speaking working-class communities. IcomTech’s promoters spent investor money on luxury lifestyles. As the cryptocurrency market faces more scrutiny, altcoins to watch may include projects with transparent operations.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.