A court in California has ordered five IcomTech operators to pay more than $5 million in fines and compensation to victims of a fraudulent bitcoin scheme. The defendants, including the company's founder David Carmona, used a non-existent cryptocurrency trading and mining platform to defraud 190 investors and embezzle more than $8 million.

The operators promised investors a 100% refund every six weeks, attracting attention through large-scale events and demonstrations of a "luxurious" lifestyle. However, instead of the promised income, the clients' funds were used for personal enrichment.

The court has banned the defendants from participating in any activity related to markets regulated by the CFTC, and also imposes multimillion-dollar fines and damages claims.