Commodity Futures Trading Commission fines crypto thief $36 million

A federal judge has ordered William Koo Ichioka to pay over $36 million in damages and fines for organizing a fraudulent scheme involving digital assets.

Ichioka is known for orchestrating a large-scale fraud, deceiving over 100 investors out of tens of millions of dollars through trading cryptocurrencies, securities, and other investment instruments.

Court orders

According to the court ruling, Ichioka must pay $31 million in compensation to the victims and an additional $5 million in fines. Furthermore, he was sentenced to five years of probation under supervision.

Crime scheme

Since 2018, the perpetrator lured victims into investing by promising a 10% return every 30 business days. Although some funds were invested in fiat currency and digital assets, the fraudster commingled the received money with his finances.

He used the funds for personal expenses, including purchasing luxury items such as jewelry, watches, and luxury vehicles. To conceal his activities, Ichioka provided investors with falsified financial documents and account statements.

Warning from the CFTC

The Commodity Futures Trading Commission (CFTC) emphasized the importance of verifying the registration of individuals or companies offering financial services. The organization also warned the public about common signs of fraud.