**News Flash: New York Resident Fined $36M for Crypto Fraud**

A New York resident, William Koo Ichioka, has been fined $36 million by the Commodity Futures Trading Commission (CFTC) for allegedly defrauding crypto investors. The CFTC's statement on Sept. 20 revealed that Ichioka must pay $31 million in restitution and an additional $5 million as a civil penalty.

- **False Promises:** Ichioka promised investors 10% returns every 30 business days but instead used their money for personal luxuries like rent, jewelry, and luxury cars.

- **Regulatory Actions:** This decision follows a 2023 court order banning Ichioka from trading in CFTC-regulated markets.

- **Broader Crackdown:** Regulators are increasingly targeting individuals making false return promises. Recent cases include Thomas John Sfraga and Brian Sewell, both charged for similar fraudulent activities.

- **Rising Fraud:** Crypto-related fraud is on the rise, with Americans losing $5.6 billion in 2023, a 45% increase from 2022, according to the FBI.

Stay informed and cautious when investing in crypto markets.