New Accusations of Cryptocurrency Activity
2022.12.16 01:20
New Accusations of Cryptocurrency Activity
Budrigannews.com – In two separate cases, nine individuals have been charged by US prosecutors with founding or promoting two cryptocurrency businesses that are alleged to have been Ponzi schemes that raked in $8.4 million from investors.
The alleged crypto mining and trading companies IcomTech and Forcount were accused of promising investors “guaranteed daily returns” that could double their investment in six months. The indictment was unsealed on December 14 by the U.S. Attorney’s Office for the Southern District of New York.
In point of fact, according to prosecutors, the money from later investors was being used by both businesses to pay earlier investors, while other funds were being used to promote the businesses and purchase luxury goods and real estate.
Investors were enticed by promises of wealth and financial freedom at “luxurious expos” and presentations in local communities.
It is said that promoters would attend events in posh cars and luxury attire and boast about the money they were making from investing in the company they were promoting. IcomTech and Forcount began to fail when users were unable to withdraw their alleged returns. Investors were given access to a “portal” to monitor their returns.
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Charges brought against Forcount’s makers and promotors by the Protections and Trade Commission (SEC) claim the outfit designated basically Spanish speakers and assembled more than $8.4 million from “hundreds” of financial backers selling “participations” offering a cut of its crypto exchanging and mining exercises.
IcomTech and Forcount launched “Icoms” and “Mindexcoin” tokens, respectively, in an effort to generate liquidity and attempt to repay investors.
By 2021, both had stopped making payments to investors, so it appears that the token sales were unsuccessful.
“This Office is sending a message to all cryptocurrency scammers with these two indictments: U.S. Attorney Damian Williams said, “We are coming for you.” Even when disguised in cryptocurrency jargon, theft is theft.
The indictment named David Carmona of Queens, New York, as IcomTech’s founder. He was charged with conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison.
From Curitiba, Brazil, Francisley da Silva, the founder of Forcount, is facing charges of wire fraud, conspiracy to commit wire fraud, and money laundering conspiracy. If found guilty of all charges, Francisley da Silva faces a maximum sentence of 60 years in prison.
The firms’ promoters face a number of charges, including conspiracy to commit wire fraud, wire fraud, money laundering, and making false statements.
