William K. Ichioka is a New York resident who has been accused by the Securities and Exchange Commission of defrauding individuals of over $25 million. Most of the investors lived in California or Oregon. Ichioka, according to the allegations, made false claims regarding his investment success. He also promised investors high returns in order to attract them. He allegedly spent the money on gambling and personal enrichment, rather than investing it. Ichioka agreed to pay the fine.
According to the SEC complaint filed at the United States District Court of the Northern District of California by Ichioka, he operated an unregistered fund of investments called Ichioka Ventures. Between June 2019 and October 2021 he solicited investors by presenting as a skilled investment professional, while guaranteeing the principal of investors. The complaint claims that Ichioka could not deliver the promised returns, and used money from earlier investors to pay them off. A complaint alleges that he falsified bank records and other documents in order to give the appearance of success. Ichioka, meanwhile, is accused of misappropriating million of dollars for his personal use, such as luxury items, gambling or a penthouse.
The SEC complaint accuses Ichioka of breaking various securities laws. These include the anti-fraud provisions of Securities Act of 1933 and Securities Exchange Act of 1935, as well the Investment Advisers Act of 1941. Ichioka accepted a partial final judgement, which is subject to court approval. It would impose permanent restraints on his role as an officer or director. The court will decide at a future date whether to disgorge, assess prejudgment interests, or impose a civil penalty.
The U.S. Attorney’s Office for Northern District of California, as well as the Commodity Futures Trading Commission, have announced additional charges against Ichioka.
Erin E. Wilk, of the Enforcement Division’s Crypto Assets and Cyber Unit under the supervision Jason H. Lee and Mrs. Winkler from the San Francisco Regional Office, conducted the SEC’s investigation. The litigation will be headed by Ms. Wilk, and John Han. In this case, SEC acknowledges that the U.S. Attorney’s Office and Commodity Futures Trading Commission were of assistance to the SEC, along with the Federal Bureau of Investigation and Internal Revenue Service Criminal Investigation.
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Securities and Exchange Commission, or SEC for short, is the regulatory agency of the United States. It oversees and enforcing federal securities laws. Its primary goal is to protect investors and maintain fair, efficient, and transparent markets. This is done by regulating all securities industries, including exchanges, brokers-dealers and investment advisors. The SEC also demands that companies disclose important financial data to the public, and it takes enforcement action against individuals or organizations who violate securities laws. The SEC also plays a vital role in promoting investor confidence, ensuring the integrity of the market, and promoting transparency.
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