Former IcomTech Executive Pleads Guilty to Crypto Ponzi Scheme Fraud

Marco Ruiz Ochoa, a former executive of IcomTech, has admitted his involvement in a cryptocurrency Ponzi scheme. IcomTech, which claimed to be a cryptocurrency mining and trading company, promised investors profits in exchange for their investment in "purported cryptocurrency-related investment products." However, the company's crypto trading and mining business did not exist, and investors' money was used for other purposes. Ochoa pleaded guilty to one count of conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison.

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