Judge delays sentencing of IcomTech promoter for testimony

Bitget App

Trade smarter

Grafa2024/10/23 01:55

By:Mahathir Bayena

In a recent hearing at the U.S. District Court for the Southern District of New York, Judge Jennifer Rochon postponed the sentencing of Gustavo Rodriguez, a promoter of IcomTech, following a request from his legal team for an evidentiary hearing.

Rodriguez, convicted in March 2024 of conspiracy to commit wire fraud, will now testify under oath on October 25.

Rodriguez’s defense team argued that he should be allowed to present testimony at the upcoming hearing, with a supporting witness also scheduled to provide statements.

The court’s decision grants Rodriguez a few more days to prepare for cross-examination before his sentencing.

Rodriguez, along with fellow promoter David Brend, was indicted in connection with IcomTech founder David Carmona’s crypto-based Ponzi scheme.

Authorities alleged that IcomTech defrauded users out of more than $8 million between 2018 and 2019.

Carmona, who pleaded guilty to wire fraud conspiracy in December 2023, was sentenced to ten years in prison earlier this month.

The recent developments follow the January sentencing of former IcomTech CEO Marco Ochoa, who received five years in prison after his guilty plea on similar charges.

Brend, who was also convicted in March 2024, is scheduled to be sentenced on November 22.

U.S. Attorney Damian Williams described IcomTech as “a large-scale cryptocurrency scam founded on lies, with money siphoned from victims at every opportunity.”

Prosecutors are pushing for a sentence of 160 months for Rodriguez, while his legal team has requested a significantly reduced sentence of time served.

The hearing comes as the court prepares to close multiple criminal cases related to the IcomTech scam.

In addition, the collapse of the cryptocurrency exchange FTX (CRYPTO:FTT) in late 2022 and its ongoing legal proceedings have kept attention on fraudulent schemes in the crypto industry.

Key figures associated with FTX, including Nishad Singh and Gary Wang, are scheduled for their sentencing hearings later this month and in November, respectively.

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.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

The Fifth Circuit Court of Appeals ruled on Tuesday that the Treasury Department’s Office of Foreign Assets Control (OFAC) ”overstepped its authority” by sanctioning crypto mixer Tornado Cash, reversing a lower district court decision.WalletConnect has launched its first airdrop season and eligibility checker, allocating 50 million of the total supply of 1 billion WCT tokens to over 160,000 users, including builders and contributors.A Brazilian lawmaker has introduced a bill to create the Strategic Soverei

The Block•2024/11/27 19:22

Avant, Ethena-like DeFi protocol, raises $6.5 million in seed funding

Avant Protocol has raised $6.5 million in a seed funding round at a $25 million valuation.Avant is an Avalanche-based crypto yield protocol that offers a yield-bearing ‘stable-value’ token similar to the popular Ethena.

The Block•2024/11/27 19:22