Charges laid over alleged crypto-mining Ponzi schemes that raised $8.4 million

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US prosecutors have brought charges in two separate cases against nine people who founded or promoted two cryptocurrency companies alleged to be Ponzi schemes that netted investors $8.4 million.

On December 14, the United States Attorney’s Office for the Southern District of New York released the indictment, alleging that alleged crypto mining and trading firms IcomTech and Forcount had promised investors guaranteed daily returns that could double their investment in six months.

In reality, prosecutors say, the two companies used money from subsequent investors to pay previous investors, while other funds were spent promoting businesses and buying luxury items and real estate. .

Lavish exhibitions were held in the United States and abroad, as well as presentations in small communities, which lured investors with promises of financial freedom and wealth.

Promoters would allegedly show up to events in expensive cars, wearing fancy clothes, and brag about how much money they made investing in the business they were promoting. Investors were given access to a portal to monitor their returns

IcomTech and Forcount began collapsing when users were unable to withdraw their alleged feedback.

The charges brought against the creators and promoters of Forcounts by the Securities and Exchange Commission (SEC) allege that the company primarily targeted Spanish speakers and raised more than $8.4 million from hundreds of investors selling memberships offering a part of its crypto trading and mining business.

In an attempt to increase liquidity, the two companies created tokens so they could try to repay investors with IcomTech and Forcount launching Icoms and Mindexcoin respectively.

Apparently the token sales failed because by 2021 both had stopped paying investors.

With these two indictments, this bureau is sending a message to all cryptocurrency scammers: We’re coming for you, said U.S. Attorney Damian Williams. “Stealing is stealing, even dressed in cryptocurrency lingo.

Related: Cryptocurrency has become a playground for fraudsters

David Carmona of Queens, New York was named in the indictment as the founder of IcomTech and was charged with conspiracy to commit wire fraud which carries a maximum sentence of 20 years in prison.

The Forcounts founder was named Francisley da Silva, of Curitiba, Brazil, and faces charges of wire fraud, wire fraud conspiracy and money laundering conspiracy, which carries a maximum of 60 years in prison. jail if found guilty of all charges.

The companies’ promoters face various charges of wire fraud, wire fraud and conspiracy to money laundering and misrepresentation.

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