- A U.S. court has sentenced an IcomTech promoter to eight years in prison
- The court said the sentence will serve to deter other malicious actors in the crypto space
- Prosecutors wanted the promoter to spend over 13 years in prison
A New York court has sentenced IcomTech’s promoter Gustavo Rodriguez to eight years in prison for his role in the company that operated a Ponzi scheme. Although the prosecutors wanted Rodriguez to be given over 13 years, the court said that the eight years would deter aspiring malicious actors in the crypto scene. The prosecutors argued that the promoter wasn’t remorseful, a sign that he enjoyed defrauding people.
Rodriguez Didn’t “Profit Like Others”
According to Inner City Press, the judge said that he doesn’t believe Rodriguez’s claims that he’s a social path, adding he was behind the website that facilitated the crime. The judge, however, noted that the promoter didn’t “profit like [the] others.”
Judge is back: Gustavo Rodriguez brought back in by US Marshals
Judge: He is clearly a very smart man. Based on my lengthy time with him… I do not believe he is a sociopath. He created the back office and website that allowed this. He did not profit like others— Inner City Press (@innercitypress) October 31, 2024
The court also found out that Rodriguez intentionally lied in his submissions. His defense lawyer lamented that the 180 months the prosecution had proposed is “more than [what] violent criminals get.”
The lawyer submitted that Rodriguez is a “computer nerd that made a mistake,” adding that he also “had too much pride.” On his part, the promoter pleaded with the judge to have mercy on him saying that his son is finishing high school and the college costs are very high.
Defense: A phone in his cell. It wasn’t his.
Gustavo Rodriguez: Initially I wanted to talk with the Government to help them… For my son, he had never spent a night without me. My other son is finishing high school, he saw college costs, very high. Have mercy— Inner City Press (@innercitypress) October 31, 2024
Rodriguez is among other IcomTech promoters accused by the Commodity Futures Trading Commission (CFTC) of running a Ponzi scheme. Last year, IcomTech CEO Marco Ruiz Ochoa admitted to operating a crypto Ponzi scheme.
Rodriguez Isn’t the First To Go to Prison
Rodriguez’s sentencing comes a month after a Florida man was sentenced to 47 years for stealing Bitcoin, and seven months after OneCoin’s legal chief received a prison sentence of four years.
It also comes seven months after the collapsed FTX exchange boss Sam Bankman-Fried was sentenced to 25 years.
Although more crypto fraudsters are going to jail, malicious actors in the crypto and web3 spaces are yet to abandon their malicious plans.
