On September 21, 2023, U.S. District Judge Vince Chhabria of the Northern District of California ordered 30-year-old William Koo Ichioka to pay $31 million to victims and a $5 million civil penalty, according to a statement released Friday by the U.S. Commodity Futures Trading Commission (CFTC).

The CFTC accused Ichioka in June 2023 of misappropriating funds in a scheme involving cryptocurrency (including Bitcoin and Ethereum) and foreign exchange trading. As part of a parallel action, the U.S. Attorney’s Office for the Northern District of California and the U.S. Securities and Exchange Commission (SEC) also brought charges against him.

Ichioka presented himself as someone who "began pursuing wealth early and has amassed millions of dollars in wealth." According to court documents, he told investors that participating in his commodity liquidity pool could yield a 10% return every 30 business days.

Ichioka did use a portion of investor funds to invest in startup stocks, digital asset commodities, and foreign exchange trading, but he also "commingled participant funds with his own" and used the money for other expenses such as rent, restaurants, bars, ride-sharing, gym memberships, and luxury cars.