IcomTech Promoter Sentenced to 71 Months in Crypto Ponzi Targeting Spanish-Speaking Communities
Magdaleno Mendoza, a key figure in the IcomTech cryptocurrency Ponzi scheme, has been sentenced to nearly six years in prison. The 56-year-old admitted guilt in July for wire fraud conspiracy and illegal reentry, marking another chapter in the crackdown on crypto fraud.
Court documents reveal Mendoza operated as a 'senior promoter,' systematically recruiting Spanish-speaking working-class investors with promises of guaranteed profits. U.S. Attorney Jay Clayton emphasized the exploitation of community trust, noting victims' limited investment experience made them particularly vulnerable.
The sentencing underscores growing regulatory scrutiny of crypto investment schemes targeting ethnic communities. While no specific tokens were named in the indictment, the case serves as a cautionary tale amid broader market volatility.
