Crypto Ponzi Promoter Sentenced
Update: 2025-12-19
Description
Senior Crypto Ponzi Promoter Sentenced: Magdaleno Mendoza, a key figure in the multi-million dollar IcomTech scheme, received a nearly six-year prison sentence. IcomTech, which falsely promised high returns from crypto trading and mining, targeted working-class Spanish-speaking investors. Mendoza, who used his restaurant to host pitch events, was ordered to pay over $789,000 in restitution and forfeit $1.5 million, including his home. IcomTech launched in 2018 and collapsed in 2019, leaving many investors with significant losses. Mendozas sentence also covered his illegal re-entry into the U.S. and continued promotion of other crypto Ponzi schemes.
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