Judge Jennifer Rochon instructed Marco Ochoa to surrender $914,000 and present himself to authorities by March 19.
Marco Ochoa, the ex-chief executive officer of IcomTech, a crypto mining company, has gotten a five-year jail sentence. This is after a guilty plea for a scheme to carry out wire fraud.
IcomTech Former Executive to Surrender Ill-Gotten Proceeds
A January 19 filing in the U.S. District Court for the Southern District of New York shows that Judge Jennifer Rochon instructed Marco to surrender $914,000 and willingly serve his five-year sentence starting March 19. Further, he is going to have two years of supervised release.
In September, Marco pleaded guilty to an account of a plan to carry out fraud associated with a crypto-founded Ponzi scheme and IcomTech.
From 2018 to 2019, he was the mining company’s chief executive officer. Damian Williams, a United States attorney, said that IcomTech was one of the large-scale imitator cryptocurrency scams. As the alleged chief, Marco had a major role in taking the firm to scale and adversely affecting more victims.
IcomTech Lured Investors with Promise of Everyday Returns
The Justice Department noted that IcomTech promised investors everyday returns on investment products. However, withdrawing funds was impossible. In November 2022, authorities charged Ochoa and other IcomTech officials. This happened nearly three years following the firm’s collapse.
In December last year, David Carmona, IcomTech’s founder, also pleaded guilty to a count of a scheme to carry out wire fraud. In this case, the four ex-executives named respondents have entered both guilty and non-guilty pleas. However, Marco was the first to be penalized. Over the past year, several crypto figures have been appearing in courtrooms to respond to a crackdown by United States authorities.
In November last year, Sam Bankman-Fried (SBF), ex-FTX’s chief executive officer, was found guilty of seven felony charges. His sentencing is expected in March. Changpeng Zhao, ex-Binance’s chief executive officer, pleaded guilty to a single felony count. This was part of an arrangement between the crypto exchange and prosecutors.
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