Marco Ruiz Ochoa, Ponzi Scheme, New York 2023
Ponzi Scheme Exposed: Marco Ruiz Ochoa Sentenced to 5 Years in Prison
New York resident Marco Ruiz Ochoa, 38, was sentenced to five years in prison for his role in promoting a large-scale cryptocurrency Ponzi scheme known as IcomTech. Ochoa's scheme promised unsuspecting victims guaranteed daily returns on their investments, but in reality, he and his co-conspirators used victim funds to pay other victims to promote the scheme and enrich themselves.
Ochoa was sentenced on May 30, 2024, before U.S. District Judge Jennifer L. Rochon in the Southern District of New York. Ochoa pled guilty to one count of conspiracy to commit wire fraud on September 27, 2023.
According to the indictment and statements made in court, IcomTech was a purported cryptocurrency mining and trading company that promised its victim-investors profits in exchange for their purchase of purported cryptocurrency-related investment products. Ochoa and the other promoters of IcomTech, including co-defendants David Carmona, Juan Arellano, Moses Valdez, and David Brend, falsely promised their victims that profits from the company's cryptocurrency trading and mining would result in guaranteed daily returns on their investments.
The IcomTech promoters traveled throughout the United States and internationally, hosting lavish expos and small community presentations aimed at luring victims to invest in the scheme. During these events, they presented on purported investment products and the compensation plan, encouraged victims to invest as a means of achieving financial freedom, and boasted about the amount of money they were earning.
Victims invested in IcomTech by purchasing investment products from promoters using cash, checks, wire transfers, and actual cryptocurrency. Following a victim's investment, a victim would be provided with access to an online portal where the victim could monitor the purported returns. However, most victims were unable to withdraw any of these so-called profits and ultimately lost their entire investments.
Ochoa's scheme was exposed, and he was arrested for his role in the Ponzi scheme. His sentencing sends a message to anyone considering following in his footsteps, that path leads to serious prison time. The U.S. Attorney's office is committed to holding individuals accountable for their crimes and protecting victims from financial exploitation.
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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