The Commodity Futures Trading Commission (CFTC) today announced that Judge Vince Chhabria of the U.S. District Court for the Northern District of California has ordered William Koo Ichioka, a New York resident formerly of San Francisco, to pay over $36 million in monetary relief. The order includes $31 million in restitution to defrauded victims and a $5 million civil monetary penalty.
Ichioka was found guilty of engaging in a fraudulent foreign currency (forex) and digital asset scheme that began in 2018. He solicited investments from participants with false promises of a 10% return every 30 business days. However, instead of investing the funds as promised, Ichioka commingled them with his own money and used them for personal expenses, including rent, jewelry, and luxury vehicles.
To conceal his fraudulent activities, Ichioka fabricated financial documents and presented false account statements to participants. The consent order, which was entered on September 19, details Ichioka’s fraudulent scheme and the resulting damages to his victims.
