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Gustavo Rodriguez sentenced to 8 years in IcomTech fraud case

Gustavo Rodriguez sentenced to 8 years in IcomTech fraud case

GrafaGrafa2024/11/01 06:37
By:Mahathir Bayena

Gustavo Rodriguez, a former promoter for cryptocurrency company IcomTech, was sentenced to eight years in prison for his role in a conspiracy to commit wire fraud. 

Rodriguez's sentencing was held on October 31 at the United States District Court for the Southern District of New York, where Judge Jennifer Rochon emphasised the need to deter similar “crypto frauds.” 

During the hearing, prosecutors argued that Rodriguez was “remorseless” and accused him of giving false statements under oath. 

Inner City Press, present at the courtroom, reported that Judge Rochon referenced Rodriguez’s “intentional false statements” and involvement in creating the IcomTech website and back-office system that facilitated fraudulent activities. 

“He did not profit like others [...] There are many crypto frauds, they must be deterred,” remarked Judge Rochon. 

While the government requested a sentence of 160 months, Rodriguez's attorneys sought a reduced sentence, arguing for time served. 

Rodriguez’s eight-year prison term was ultimately less than the prosecution’s recommendation but represents a strong judicial response to fraudulent activity within the cryptocurrency space. 

Rodriguez was one of several IcomTech promoters charged in an alleged Ponzi scheme that siphoned over $8 million from users between 2018 and 2019. 

Alongside Rodriguez, co-promoter David Brend, found guilty in March, is awaiting sentencing scheduled for November 22. 

Additionally, IcomTech’s founder, David Carmona, was sentenced to 10 years in October, following a guilty plea to wire fraud conspiracy charges in December 2023. 

Former IcomTech CEO Marco Ochoa also received a five-year sentence earlier this year. 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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