The founder of the cryptocurrency project IcomTech received 5 years in prison

The founder and former CEO of the IcomTech cryptocurrency pyramid scheme, Marc Ruiz Ochoa, was sentenced to five years in prison for his role in attracting investors.

The defendant had previously pleaded guilty to fraud. Yesterday, a court hearing was held and Mark Ruiz Ochoa was sentenced to five years in prison.

In addition, the court ordered him to pay $ 914,000 in fines from his illicit proceeds and sentenced him to two years of post-release supervision.

«Ochoa took advantage of the hype surrounding the cryptocurrency industry to trick unsuspecting victims into investing in the IcomTech pyramid scheme. We warn that serious penalties will be imposed on anyone who follows in his footsteps,» said prosecutor Damian Williams.

As a reminder, the IcomTech pyramid scheme claimed to be a mining and trading company, offering customers «cryptocurrency-linked investment products».

However, according to US law enforcement agencies, the company did not conduct any mining or other activities, but rather operated under a standard Ponzi scheme.