PANews Reports: William Koo Ichioka Ordered to Pay $31 Million to Victims in Crypto Fraud Case

PANews reports, citing The Block, that William Koo Ichioka, 30, has been ordered by a U.S. District Court in Northern California to pay $31 million in restitution to victims and a $5 million civil penalty. In June 2023, the Commodity Futures Trading Commission (CFTC) accused Ichioka of misappropriating cryptocurrencies, including Bitcoin and Ethereum, as well as foreign exchange funds.

According to reports, Ichioka used a portion of investor funds to invest in startup stocks, digital asset commodities, and forex trading. However, he also commingled participant funds with his own and used the money for personal expenses including rent, restaurants, bars, rideshares, gym memberships, and luxury vehicles.