A senior promoter tied to the IcomTech crypto Ponzi scheme has been sentenced to nearly six years in federal prison, marking another major development in the long-running fraud case that targeted thousands of victims.
The U.S. federal court sentenced Magdaleno Mendoza to 71 months in prison for his role in promoting the fraudulent operation. The court also ordered Mendoza to pay nearly $790,000 in restitution and forfeit approximately $1.5 million in illicit proceeds.
Role in the IcomTech Scheme
Mendoza, a 56-year-old Mexican national who was illegally residing in the United States, was a key promoter for IcomTech. Prosecutors said he played a central role in recruiting investors, particularly within Spanish-speaking and working-class communities with limited investment experience.
IcomTech marketed itself as a cryptocurrency mining and trading company, promising unusually high daily returns and claims that investors could double their money. In reality, the operation functioned as a classic Ponzi scheme, using funds from new participants to pay earlier investors and support the lavish lifestyles of its promoters.
Criminal Charges and Guilty Plea
In July 2025, Mendoza pleaded guilty to conspiracy to commit wire fraud and illegal reentry into the United States. According to court filings, his involvement extended beyond IcomTech’s collapse, as he later promoted additional crypto-related Ponzi schemes after payments from IcomTech stopped.
Authorities said the scheme began unraveling by the end of 2019, when promised payouts ceased and investor complaints escalated.
Broader Enforcement Effort
Mendoza’s sentencing follows a series of convictions tied to the IcomTech fraud. Founder David Carmona received a sentence of nearly 10 years in prison, while former CEO Marco Ruiz Ochoa was sentenced to five years.
Federal prosecutors have emphasized that the case highlights the dangers of fraudulent crypto investment schemes that prey on underserved communities through trusted social networks and aggressive marketing tactics.
Ongoing Victim Recovery Process
Officials continue to encourage victims of the IcomTech scheme to follow updates through official U.S. Department of Justice channels, where information related to restitution and asset forfeiture is being made available.
The sentencing underscores continued enforcement efforts against crypto-related fraud and signals that promoters, not just founders, can face severe penalties for their roles in large-scale financial schemes.
