Mars Finance News: Crypto Scammer Ordered to Pay $36 Million in Restitution and Penalties

A California federal court judge has ordered William Koo Ichioka, 30, to pay $31 million in restitution to victims and a $5 million civil penalty, according to a statement released by the Commodity Futures Trading Commission (CFTC) on Friday.

In June 2023, the CFTC charged Ichioka with misappropriating cryptocurrency and foreign currency funds, including Bitcoin and Ethereum. The U.S. Attorney's Office for the Northern District of California and the Securities and Exchange Commission also filed lawsuits as part of parallel actions.

Ichioka, who claimed to have "started his exploration early and accumulated millions of dollars in wealth," allegedly told investors they would earn a 10% return every 30 business days through participation in his commodities pool.

Ichioka used some of the investor funds to invest in startup stocks, digital asset commodities, and foreign exchange, but also "commingled participant funds with his own." According to the court order, he used these funds to pay for expenses such as rent, restaurants, bars, taxis, gym memberships, and luxury automobiles.