TechFlow news, September 21 — According to The Block, on September 20 the U.S. Commodity Futures Trading Commission (CFTC) announced that Judge Vince Chhabria of the U.S. District Court for the Northern District of California ordered 30-year-old William Koo Ichioka to pay $31 million in restitution to victims and a $5 million civil penalty.
In June 2023, the CFTC charged Ichioka with misappropriating funds in a scheme involving cryptocurrency—including Bitcoin and Ethereum—and foreign exchange trading. Ichioka had promised investors a 10% return every 30 business days for participating in his commodity liquidity pool. However, he commingled investor funds with his personal accounts and used them for personal expenses such as rent, restaurants, bars, taxis, gym memberships, and luxury vehicles.
In July 2023, Ichioka pleaded guilty to criminal charges brought by prosecutors. In January 2024, he was sentenced to four years in prison and ordered to pay a $5 million fine. The CFTC reminds the public to verify the registration status of individuals or firms before investing.
