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New York Ponzi Scheme Sentencing
Grimy Times has learned that two defendants were sentenced in connection to a large-scale cryptocurrency Ponzi scheme that defrauded thousands of people out of millions of dollars.
David Brend, a face-to-face salesman who peddled the bogus enterprise and its supposed lucrative returns for investors, was sentenced to 10 years in prison. Gustavo Rodriguez, the chief architect of the sham website, was sentenced to 8 years in prison.
The sentences were imposed by the Honorable Jennifer L. Rochon following a two-week trial in March of this year, in which Brend and Rodriguez were both convicted of conspiracy to commit wire fraud.
According to the indictment, IcomTech launched in mid-2018 when codefendant David Carmona hired Rodriguez to build a website for the scheme. IcomTech was a purported cryptocurrency mining and trading company that promised to earn its victim-investors profits in exchange for their purchase of purported cryptocurrency-related investment products.
The promoters of IcomTech, including Brend, traveled throughout the U.S. and abroad, where they hosted lavish expos and small community presentations aimed at luring victims to invest in the schemes. Victims invested in the IcomTech by purchasing investment products from promoters using cash, checks, wire transfers, and actual cryptocurrency.
The scheme resulted in thousands of people losing millions of dollars. Brend and Rodriguez will serve substantial prison sentences for their crimes.
Mandatory Facts: Defendant full name – David Brend, David Gustavo Rodriguez; Criminal charges – Conspiracy to commit wire fraud; City and state – New York; Exact date – No specific date mentioned; Sentence – 10 years in prison, 8 years in prison; Dollar amounts – No specific amounts mentioned.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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