The court order demands approximately 85% of the significant fine to be paid back to victims of William Koo Ichioka’s fraudulent scheme.
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 Commodity Futures Trading Commission (CFTC), US district court judge Vince ordered William Koo Ichioka “to pay $31 million in restitution” to victims and an additional $5 million civil monetary penalty for operating a fraudulent foreign exchange (forex) and crypto scheme.
The CFTC stated that Ichioka started the scheme in 2018, accepting money from investors and falsely promising them “10% returns every 30 business days.”
