The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against David Carmona, Juan Arellano Parra, Moses Valdez, David Brend, and Marco A. Ruiz Ochoa, collectively operating as Icomtech. The lawsuit, filed in the U.S. District Court for the Central District of California, alleges a fraudulent scheme targeting over 170 individuals in the United States and abroad.
According to the CFTC complaint, Icomtech and its agents falsely promised investors daily returns of 0.9% to 2.8% on investments in Bitcoin and other digital asset commodities, with claims of doubling investments within four to eight months. The scheme, which ran from approximately August 2018 through December 2019, predominantly targeted Spanish-speaking communities. The CFTC alleges that, in reality, no legitimate trading occurred, and customer funds were misappropriated, resulting in total losses for some investors.
The CFTC is seeking restitution, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations.
This action is running parallel to a criminal case brought by the U.S. Attorney’s Office for the Southern District of New York (SDNY). On October 13, 2022, Carmona, Arellano, Valdez, Brend, and Ruiz were indicted on charges of wire fraud related to the Icomtech scheme (United States v. Carmona, 1:22-cr-00551-JLR).
The CFTC acknowledged the cooperation of the SDNY and Homeland Security Investigations in the investigation. Assistance was also provided by the Florida Office of Financial Regulation. The case is being handled by Kathleen Banar, Jim Deacon, Kara Mucha, Rick Glaser, and former staff member Philip Tumminio of the CFTC’s Division of Enforcement.
Individuals who believe they may have been victims of this scheme, or who have information regarding potential commodity trading violations, are encouraged to contact the CFTC via its toll-free hotline (866-FON-CFTC), online tip/complaint form, or the CFTC Whistleblower Office. Whistleblowers may be eligible for a reward of 10 to 30 percent of monetary sanctions collected.
Source: CFTC.gov
Related Federal Cases
- David J. Miller, Bank Fraud, Florida 2023 · Florida
- California Woman Sentenced for Bank Fraud and Identity Theft · Washington
- Andrew Hackett, Securities Fraud, California 2023 · Indiana
- David Quatrella, Life Insurance Fraud, Connecticut 2017 · Pennsylvania
- Roydel Nicholson, Mail Fraud and Money Laundering, NY 2023 · New York
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News