Multiple Individuals Charged in Multi-Million Dollar Crypto Fraud Schemes

The Securities and Exchange Commission (SEC) has charged William K. Ichioka, founder of Ichioka Ventures, with fraudulently raising $25 million from investors by making false claims about his investing success and promising large anticipated returns, but instead using investor funds for personal use, including gambling and luxury purchases. Ichioka has agreed to resolve the charges against him, including permanent and conduct-based injunctions, an officer and director bar, and reserving issues of disgorgement, prejudgment interest, and a civil penalty for further determination by the court. The U.S. Attorney’s Office for the Northern District of California and the Commodity Futures Trading Commission have also announced charges against Ichioka.