WASHINGTON, D.C. – A federal court has issued penalties and bans against five individuals involved in a fraudulent digital asset scheme operating as Icomtech. The Commodity Futures Trading Commission (CFTC) announced the orders stemming from a complaint filed in May 2023, alleging fraud and misappropriation of funds.
Marco A. Ruiz Ochoa of Nashua, New Hampshire, entered a consent order admitting his involvement in the scheme. Default judgments were issued against David Carmona (formerly of Elmhurst, New York), Juan Arellano Parra (formerly of Chino, California), Moses Valdez (of Hesperia, California), and David Brend (of Tampa, Florida). The court found these four defendants liable for violations of the Commodity Exchange Act and CFTC regulations.
The defendants are collectively ordered to pay over $1 million in restitution to approximately 190 defrauded customers in the U.S. and internationally. Each of the four defendants subject to default judgment must also pay a $1 million civil monetary penalty. They are permanently banned from engaging in conduct violating the CEA, registering with the CFTC, and trading on CFTC-regulated markets.
From approximately August 2018 through December 2019, Icomtech agents falsely promised customers daily returns of 0.9% to 2.8% on investments in Bitcoin and other digital assets, claiming they would double investments within eight months. The court found that no such trading occurred, and customer funds were misappropriated, resulting in total losses for some investors.
This enforcement action runs parallel to a criminal case brought by the U.S. Attorney’s Office for the Southern District of New York. Carmona and Ochoa have pleaded guilty to wire fraud charges. Arellano pleaded guilty to a superseding indictment for wire fraud and conspiracy to commit money laundering. Brend was found guilty of wire fraud following a jury trial. The indictment against Valdez remains unresolved.
The court’s orders effectively resolve the CFTC’s enforcement action against all defendants involved in the Icomtech scheme.
Source: CFTC.gov
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