US prosecutors prepare indictment against crypto Ponzi companies

US prosecutors prepare indictment against crypto Ponzi companies

US prosecutors have brought charges against nine people who founded or advertised crypto companies that allegedly were Ponzi and collected $8.4 million from investors.

The U.S. Southern District of New York District Attorney’s Office published Dec. in the indictment He accused crypto mining and trading companies IcomTech and Forcount of deceiving investors with promises of guaranteed daily profits that would double their investment in six months.

Prosecutors say the companies actually use the money they receive from enrolling investors to pay previous investors, while the rest of the money is used to advertise companies and buy luxury goods and real estate.

Showcasing the promised wealth, these products were held both in the US and abroad, and displayed in small communities to attract investors with the promise of financial freedom and wealth.

The advertisers of the companies, on the other hand, were participating in the events wearing luxury clothes in expensive cars and telling how they made money with the investment they made in the company. Investors were given portal access where they could track their profits.

IcomTech and Forcount entered the process of collapse as users began to be unable to withdraw the money they earned.

U.S. Securities and Exchange Commission (SEC), claim that Forcount’s founders and promoters mostly target Spanish speakers. According to the SEC, Forcount has earned over $8.4 million by selling “members” that offer some of the revenue it generates from its crypto trading and mining operations to hundreds of investors.

The companies then created their own tokens to pay back investors. IcomTech, “Icoms”; Forcount, on the other hand, launched the “Mindexcoin”.

The plan to sell tokens also seems to have failed. Both companies stopped paying investors in 2021.

US Attorney Damian Williams said, “With these two indictments, the Attorney General sends a message to all cryptocurrency scammers: We’re coming for you. Theft is theft, even if it’s done with cryptocurrency jargon.”

IcomTech Founder David Carmona, accused in the indictment, could face up to 20 years in prison if convicted of electronic fraud.

Forcount Founder Francisley da Silva faces up to 60 years in prison on charges of electronic fraud and money laundering.

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