David Brend Sentenced To 10 Years For Cryptocurrency Fraud

According to Cointelegraph, David Brend has been sentenced to 10 years in prison for his involvement in promoting the fraudulent cryptocurrency mining and trading firm IcomTech. The sentencing took place on December 2 in the United States District Court for the Southern District of New York, where Judge Jennifer Rochon ordered Brend to serve his term at the Federal Prison Camp in Pensacola, Florida. In addition to his prison sentence, Brend is required to pay $40,000 in forfeiture and is expected to surrender to authorities on December 16. Brend's sentencing follows the conviction of his fellow IcomTech promoter, Gustavo Rodriguez, who was sentenced to eight years in prison. The harsh sentences are part of an effort to deter similar fraudulent activities in the cryptocurrency sector. U.S. Attorney Damian Williams highlighted the roles of Brend and Rodriguez in the IcomTech Ponzi scheme, describing Rodriguez as the chief architect of the fraudulent website and Brend as the salesman who misled investors with promises of lucrative returns. Together, they defrauded thousands of people out of millions of dollars. The U.S. Attorney’s office revealed that Brend was among the promoters who traveled nationwide to persuade individuals to invest in IcomTech’s products, which were falsely marketed as a path to financial freedom. The indictment accused IcomTech of operating as a crypto-based Ponzi scheme, collecting over $8 million from users between 2018 and 2019. Promoters, including Brend, allegedly misappropriated victim funds for personal use, including luxury goods and real estate. The authorities arrested IcomTech's founder, David Carmona, in 2022, labeling him as the scheme's mastermind. Carmona received a 10-year prison sentence in October, while Marco Ochoa, the company's CEO, was sentenced to five years in January. Despite pleading not guilty, both Rodriguez and Brend were found guilty of wire fraud conspiracy by a jury in March.