šØ Crypto Ponzi Scheme Exposed
A senior IcomTech promoter, Magdaleno Mendoza, has been handed a 71-month prison sentence for masterminding a massive cryptocurrency scam.
Focusing on working-class, Spanish-speaking investors across the US, Mendoza promised guaranteed daily returns through fake "trading and mining" operations. š
In reality, he used new investor funds to pay earlier victims and line his own pockets with luxury items, including a restaurant and high-end vehicles. šø
Mendoza's sentence also includes paying $789,000 in restitution and forfeiting $1.5 million in assets, including his California home.
This is not Mendoza's first offense - he has been deported multiple times and reentered the US unlawfully, adding to his charges.