A federal court judge has fined a New York resident $36 million for allegedly swindling crypto investors by promising high returns and using the funds to support his lavish lifestyle.

According to a Sept. 20 statement published by the United States Commodity Futures Trading Commission (CFTC), US district court judge Vince Chhabria ordered William Koo Ichioka “to pay $31 million in restitution” to victims of the fraudulent crypto and foreign exchange (forex) scheme.

He must also pay an additional $5 million civil monetary penalty.

Source: Cointelegraph