18 Feb 2025

light mode

IcomTech and Forcount accused of operating a Ponzi scheme

IcomTech and Forcount accused of operating a Ponzi scheme

Damian Williams continues to hunt for crypto scammers. The next defendants were the founders and employees of investment companies IcomTech and Forcount. They face imprisonment for fraud, money laundering, and making false statements.

On this page

IcomTech and Forcount are companies that have been successfully implementing classic fraudulent schemes in different countries for more than four years. Credulous investors lost hundreds of thousands of dollars as a result of their deeds.

With these two indictments, this Office is sending a message to all cryptocurrency scammers: We are coming for you. Stealing is stealing, even when dressed up in the jargon of cryptocurrency,

said Damian Williams, attorney for the Southern District of New York.

Ponzi scheme + money laundering

According to the official legend, investing companies IcomTech and Forcount were engaged in mining and crypto trading. They offered specialized investment products that were supposed to bring guaranteed profits. For example, users were promised a daily income and a 200% return within six months. 

How did companies win the trust of people and force them to part with their money? A team of executives and promoters from IcomTech and Forcount traveled throughout the USA and other countries. They organized project presentations and large-scale events in many cities, including New York. Their events were designed to showcase investing and compensation plans, as well as their employees' luxurious lifestyles. Often, scammers came to the exhibitions in luxury cars and branded clothing. 

Victims paid for investment products with cash, checks, wire transfers, and crypto. After the payment, they got access to an online platform that allowed them to track the movements of the funds. Investors saw profits accumulate but they could not withdraw funds from their accounts. When contacting support service, they were getting only apologies and excuses. 

As the number of complaints increased, IcomTech and Forcount began to offer new promising products – their own tokens, known as “Icoms” and “Mindexcoin”. Organizers argued that these coins are designed to pay for goods and services, and their prices will grow. But the actual use case for the tokens was to “pump out” money from investors. 

Executives spend money on advertising and the attributes of a luxury lifestyle – real estate, and luxury goods. They laundered money using fictitious firms and large personal purchases to cover their tracks. IcomTech schemes were in effect until the end of 2019, and Forcount schemes until 2021. After that, the company stopped communicating with its customers. 

Ivan J. Arvelo, Special Agent in Charge at Homeland Security Investigations, who was actively involved in the investigation, commented on the allegations:

With high-end clothes and cars, these individuals are alleged to have presented a life of luxury to potential investors, but instead of a lucrative investment opportunity, the victims were fleeced of their savings and left with nothing to show for it. Homeland Security Investigations works tirelessly to uncover financial crimes and bring perpetrators to justice.

The investigation involved the Department of Homeland Security, the New York Police Department, the Department of Financial Services and the Florida Financial Regulatory Authority, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Brazilian Federal Police.

If the guilt of the suspects is proven, they will face up to 20 years in prison.

The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.

Articles by this author
Lawmaker Attacks Trump’s Meme Coin, Musk’s DOGE

Lawmaker Attacks Trump’s Meme Coin, Musk’s DOGE

Democratic Congresswoman Ayanna Pressley has criticized the DOGE agency and Trump’s meme coin, arguing they represent a dangerous shift in financial oversight.

Anton Kryshtal
LIBRA Meme Coin Mystery—Is There a MELANIA Connection?

LIBRA Meme Coin Mystery—Is There a MELANIA Connection?

LIBRA’s sudden launch has left the crypto world divided. Was it just another meme coin stunt, or is there a real connection to Javier Milei? And what’s this about MELANIA? The plot thickens.

The Coinomist
Scammers Tricked Investors with a Fake Saudi Meme Coin

Scammers Tricked Investors with a Fake Saudi Meme Coin

Scammers impersonating Saudi Crown Prince Mohammed bin Salman on X claimed to launch an “official” KSA meme coin. Spoiler alert: It was a total scam.

Anton Kryshtal
Italy Moves to Rein In Crypto as EU, U.S. Rules Diverge

Italy Moves to Rein In Crypto as EU, U.S. Rules Diverge

The Bank of Italy, together with the Italian securities regulator Consob, met with industry leaders to discuss the evolving rules for digital assets.

Anton Kryshtal
Weekly Analysis of BTC, ETH, and the Stock Market (Feb 10, 2025)

Weekly Analysis of BTC, ETH, and the Stock Market (Feb 10, 2025)

An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.

Artem Khomenko
Weekly Analysis of BTC, ETH, and the Stock Market (Feb 3, 2025)

Weekly Analysis of BTC, ETH, and the Stock Market (Feb 3, 2025)

An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.

Artem Khomenko
Weekly Analysis of BTC, ETH, and the Stock Market (Jan 27, 2025)

Weekly Analysis of BTC, ETH, and the Stock Market (Jan 27, 2025)

An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.

Artem Khomenko
How to Bump a Transaction in the Bitcoin Network

How to Bump a Transaction in the Bitcoin Network

Sometimes, Bitcoin transactions can get “stuck,” especially if a low fee was set. In such cases, you might wonder: Why is my Bitcoin transaction stuck?

bitOn
Inside Cryptocurrency Farms: How Digital Coins Are Mined

Inside Cryptocurrency Farms: How Digital Coins Are Mined

Cryptocurrency farms and mining have evolved significantly since Bitcoin launched in 2009. To understand their growth, it helps to look at the broader history of resource extraction.

The Coinomist
From Bulls to Ballers — Why Celebrities Are Flocking to Crypto

From Bulls to Ballers — Why Celebrities Are Flocking to Crypto

Trump’s meme coin isn’t an outlier—it’s part of a broader trend. Back in 2021, celebrities were minting NFTs, and by 2024, they had moved on to personal token launches. The connection between fame and crypto has been growing for years, even if many failed to see it.

Vlad Vovk
Which Macroeconomic Factors Make Crypto Rise or Fall? 

Which Macroeconomic Factors Make Crypto Rise or Fall? 

It happens when you check the market and crypto prices are up or down for no obvious reason. Then you do some research and find out that there are actually reasons outside the crypto space.

Anahit Avetisyan
How Blockchain Helps Combat Disinformation

How Blockchain Helps Combat Disinformation

Fake news has become a global issue, shaping public opinion, fueling social tensions, and even influencing political decisions. With the rise of social media, the spread of misinformation has accelerated, making it increasingly difficult to regulate. However, blockchain technology offers a promising solution in the fight against fake news.

Daryna Nesterenko
Trading Psychology: How to Avoid Falling Victim to Your Own Biases

Trading Psychology: How to Avoid Falling Victim to Your Own Biases

The most successful traders aren’t always the smartest. More often, those who excel are the ones who understand psychological traps, manage their emotions, and maintain rationality under pressure.

Vlad Vovk
The Bitcoin Kid’s 2011 Prediction – How Right Was He? 

The Bitcoin Kid’s 2011 Prediction – How Right Was He? 

In May 2011, an unusual video surfaced on YouTube. A 12-year-old boy explained Bitcoin – how it works and what its future might hold.

Anahit Avetisyan
SBF’s Prosecutor Quits – What It Means for Crypto Crime

SBF’s Prosecutor Quits – What It Means for Crypto Crime

Danielle Sassoon, Acting U.S. Attorney for the Southern District of New York, has resigned, making headlines this week. And you’ve definitely heard of one of her biggest “client” names.

Anahit Avetisyan
MORE
«Mass Adoption Isn’t About Tech – It’s About Perception». Bitmedia Founder Matvii Diadkov – About RWA, Web3, And Marketing

«Mass Adoption Isn’t About Tech – It’s About Perception». Bitmedia Founder Matvii Diadkov – About RWA, Web3, And Marketing

Matvii Diadkov, founder of Bitmedia, shared with us in an exclusive interview his expert insights on Web3 adoption, impact of GameFi and community-centering tendencies in the market.

The Coinomist
“Satoshi is CIA”: Swedish crypto bro opens up about his Bitcoin journey

“Satoshi is CIA”: Swedish crypto bro opens up about his Bitcoin journey

The first crypto craze took place almost a decade ago. Overnight, many people found out about Bitcoin and its underlying technology, blockchain.

Lesia Dubenko
MORE