The CFTC has secured default judgment against iComTech’s David Carmona, Juan Parra, Moses Valdez and David Brend.

As per the terms of the judgment, Carmona, Parra, Valdez and Brend are jointly liable for $1.09 million in restitution plus a $1 million civil monetary penalty.

The ordered restitution represents the losses of 190 iComTech Ponzi victims.

The sole remaining defendant left in the CFTC’s iComTech case is Marco Ruiz Ochoa (right).

While a settlement has been reached, a lockdown at the facility currently holding Ochoa is responsible for the delay.

The lockdown suspended Ochoa’s mail privileges. Said privileges were only recently restored on October 16th.

Once Ochoa signs the Consent Order (which Ochoa’s counsel expects him to do) and once the CFTC’s counsel receives a copy of the signed Consent Order from Ochoa’s counsel, the CFTC’s counsel will promptly make a recommendation to the CFTC to approve the terms contained in the Consent Order.

Upon the CFTC’s approval of the terms contained in the Consent Order, the CFTC’s counsel and Ochoa’s counsel will promptly submit a joint stipulation seeking entry of the Consent Order with the Court that will fully resolve the CFTC’s claims against Ochoa.

The court has rescheduled a pending scheduling conference for December 12th, 2024.

In addition to a civil fraud lawsuit from the CFTC, Carmona, Ochoa and Brend were also criminally charged.

David Carmona, iComTech’s founder, was sentenced to ten years in prison last month.

Marco Ruiz Ochoa was sentenced to five years in prison in January 2024. David Brend is scheduled to be sentenced on November 22nd.

 

Update 12th December 2024 – Marco Ochoa has settled with the CFTC for the same jointly liable $1.09 million amount.