Regulators | US Judge Orders Convicted Fraudster To Pay $36,000,000 in Connection to Crypto and Forex Schemes

A US judge this week ordered a convicted fraudster to pay a $5 million civil penalty and $31 million in restitution related to a massive crypto and forex scheme he orchestrated.

New York resident William Koo Ichioka kicked off his scheme in 2018 and swindled tens of millions of dollars in investment funds from more than 100 victims by making false claims that he could secure a 10% return every 30 business days, according to the U.S. Commodity Futures Trading Commission (CFTC).

Ichioka did sink money into some real digital assets and forex investments, but he also used investor cash to pay his rent and buy jewelry, watches and luxury vehicles, and he perpetuated the fraud by crafting false financial documents.

The Department of Justice (DOJ) also notes the convicted fraudster kept the con going by repaying existing investors with new investor funds, the hallmark of a classic Ponzi scheme.

Ichioka pled guilty to fraud charges in 2023 and was sentenced to 48 months in prison and five years of supervised release.

The CFTC pursued a parallel enforcement action to Ichioka’s criminal conviction and convinced the court to ban him from trading in any markets overseen by the commodities regulator. The U.S. Securities and Exchange Commission (SEC) also investigated Ichioka.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post US Judge Orders Convicted Fraudster To Pay $36,000,000 in Connection to Crypto and Forex Schemes appeared first on The Daily Hodl.

A US judge this week ordered a convicted fraudster to pay a $5 million civil penalty and $31 million in restitution related to a massive crypto and forex scheme he orchestrated. New York resident William Koo Ichioka kicked off his scheme in 2018 and swindled tens of millions of dollars in investment funds from more
The post US Judge Orders Convicted Fraudster To Pay $36,000,000 in Connection to Crypto and Forex Schemes appeared first on The Daily Hodl. Regulators, Scams, Hacks & Breaches, CFTC, Crypto, fraud, News, Schemes, U.S. Commodity Futures Trading Commission

Regulators | US Judge Orders Convicted Fraudster To Pay $36,000,000 in Connection to Crypto and Forex Schemes | usagoldmines.com

Recent:

By

Related Posts

Regulators | Coinbase CEO Brian Armstrong Brands $213,000,000,000 Anti-Money Laundering Regulations As Policy Failures Alex Richardson | usagoldmines.com

Regulators | JPMorgan Chase Paying $1,790,000 Penalty for Overcharging Clients in Singapore, Failing to Stop Employee Misconduct Daily Hodl Staff | usagoldmines.com

Regulators | Coinbase Chief Policy Officer Predicts Rapid Pro-Crypto Regulation After Donald Trump Takes Office: Report Daily Hodl Staff | usagoldmines.com

Leave a Reply Cancel reply

You Missed

MARA acquires Wind Farm, plans to convert underused sustainable resources into economic value Florence Muchai | usagoldmines.com

Cardano Apps Get a Backup Layer Through Blockfrost and Filecoin Collab Sead Fadilpašić | usagoldmines.com

BlackRock’s Bitcoin ETF Exceeds 500K BTC in AUM Jimmy Aki | usagoldmines.com

Best Wallet Hits $2M in 1 Week of Public Presale – Next-Gen Wallet Built for 190% $KAIA-Like Gains Gary McFarlane | usagoldmines.com