The former CEO of Ecomtek was sentenced to five years in prison for wire fraud

The former CEO of crypto mining company IcomTech, Marco Ochoa, was convicted of conspiracy to commit wire fraud and sentenced to five years in prison.

Judge Jennifer Rochon ordered Ochoa to forfeit $914,000 and voluntarily complete a 60-month sentence effective March 19, according to the lawsuit filed Jan. 19 in the U.S. District Court for the Southern District of New York. It will be two years. Supervised release.

In September, Ochoa pleaded guilty to one count of wire fraud related to IcomTech's crypto-based Ponzi scheme. He was the CEO of the mining company from 2018 to 2019.

“IcomTech was one of these large-scale copycat cryptocurrency scams, and its CEO, Ochoa, played a major role in promoting IcomTech and ultimately harming many victims,” ​​U.S. Attorney Damian Williams said in September.

According to the Department of Justice, Ecomtech promised investors returns on investment products every day, but failed to withdraw their money. Authorities charged Ochoa and other IcomTech executives in November 2022, nearly three years after the company collapsed.

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IcomTech founder David Carmona pleaded guilty in December 2023 to one count of wire fraud. He was sentenced.

In the past 12 months, many crypto images have been appearing in courtrooms following the actions taken by US authorities. In the year In November 2023, former FTX CEO Sam Bankman-Fried pleaded guilty to seven felony charges and is expected to be sentenced in March. Former Binance CEO Changpeng Zhao has pleaded guilty to one count of criminal charges as part of a plea deal between prosecutors and the crypto exchange.

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