The US Commodity Futures Trading Commission (CFTC) has imposed a $36 million fine on William Koo Ichioka for forex and digital asset fraud. This action follows a surge in crypto fraud cases. In June 2023, the US Department of Justice sued Ichioka for wire fraud, false tax returns, and securities fraud. The CFTC had initially filed a complaint against him. Ichioka ran a deceptive virtual asset investment scheme in 2018, promising investors a 10% profit every 30 days. Investigations revealed he mixed investor funds with personal money, using it for personal expenses like rent and luxury items. A court order banned him from CFTC-regulated markets and imposed a $36 million fine, with $31 million for restitution and $5 million as a penalty. He also faces 48 months in prison and five years of supervision. Crypto fraud losses hit $5.6 billion in 2023, highlighting the need for better security measures and investor education. Read more AI-generated news on: https://app.chaingpt.org/news