BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Regulation

New York Man Faces CFTC Charges for $21M Crypto Fraud

by Dan K
Jun 23, 2023 - 4:00 pm
in Regulation
Ben Armstrong broadcasting live, moments before police intervention.

The Commodity Futures Trading Commission (CFTC) has launched a civil enforcement action against William Koo Ichioka, a New York resident, accused of defrauding roughly 100 users, including holders of crypto assets, for more than $21 million.

The Fraudulent Scheme Unveiled

According to the CFTC report, from 2018 to November 2021, Ichioka orchestrated a fraudulent scheme called Ichioka Ventures. During this period, he lured individuals into contributing tens of millions of dollars with the promise to trade digital asset commodities like Bitcoin (BTC) and Ethereum (ETH) and engage in Forex trades via the Ichioka Ventures commodity interest pool.

The proposition was a short-term investment, promising a 10% return on investment every 30 days. Ichioka assured participants that their funds could be readily withdrawn or reinvested.

Nevertheless, Ichioka failed to fulfill his promise, misappropriating more than $21 million from non-family investors and approximately $40 million from his family. The funds were used to repay other participants and for personal luxuries, including cars, jewelry, and rent, violating investor protection laws.

To hide the scheme, Ichioka doctored financial statements and reports to inflate the value of assets he possessed, and furnished fraudulent documentation to potential investors.

Ian McGinley, the director of Enforcement, said, “The CFTC will relentlessly pursue individuals who defraud public investors in digital assets and retail foreign currency [forex] transactions. We aim to hold such culprits fully accountable for their misconduct and work with our law enforcement partners to protect unsuspecting fraud victims.”

Facing the Legal Music

Ichioka has admitted guilt to the CFTC’s charges, agreeing to a proposed consent judgment. The CFTC is striving to reimburse all defrauded participants in the Ichioka Venture community pool.

Additionally, they seek a civil monetary penalty, a permanent trading and registration ban, and permanent injunctions against Ichioka to prevent further violations of the Commodity Exchange Act (CEA) and CFTC regulations.

Beyond the CFTC, the United States Attorney’s Office for the Northern District of California has filed a criminal complaint against Ichioka, with the Securities and Exchange Commission (SEC) also taking action.

The CFTC highlighted the significance of verifying a company’s registration with the relevant authorities before investing funds. They also urged the public to report any suspicious activities or violations of commodity trading laws.

Tags: CFTCFraudNewYorkSEC
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Image of Circle's logo with a gavel and Binance's logo, signifying the court's involvement.

Circle weighs in on SEC vs. Binance case, argues stablecoins are not securities

September 29, 2023

Circle, behind the USDC stablecoin, argues in a court filing that assets pegged to the USD aren’t securities...

Coinbase CEO Brian Armstrong leading a group of crypto founders during the "Stand with Crypto" campaign in Washington.

Coinbase Advocates for Clearer US Crypto Regulations: The “Stand with Crypto” Campaign

September 29, 2023

Coinbase spearheads the “Stand with Crypto” campaign in Washington, urging for clear and fair regulations in the ever-evolving...

Roberto Campos Neto stands at a podium, speaking to parliamentary officials about new crypto regulations.

Brazil’s Central Bank Clamps Down on Crypto: New Regulations on the Horizon

September 28, 2023

Brazil's central bank signals tighter crypto regulations following a significant increase in cryptocurrency adoption and potential associated risks.

Binance logo with a backdrop of a dimming euro symbol, representing the ongoing European debanking issues.

Binance Faces European Debanking: Asks Paysafe Users to Switch from Euros to USDT

September 28, 2023

Crypto exchange Binance instructs its Paysafe users to convert euros to Tether by October's end after recent disruptions...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise