According to BlockBeats, on September 21, the United States District Court for the Northern District of California ordered William Koo Ichioka to pay $31 million to the victims and a civil fine of $5 million.
The CFTC charged Ichioka in June 2023 with misappropriating funds in a scam involving cryptocurrency and forex trading. The U.S. Attorney’s Office and the SEC also filed charges against him.
Ichioka claimed to have amassed a multimillion-dollar fortune and promised investors a 10% return every 30 business days, but he commingled investor funds with his own for personal consumption.