SEC Charges William Ichioka with Fraudulent Investment Scheme

The Securities and Exchange Commission has charged William K. Ichioka, of New York, with fraudulently raising $25 million from individual investors in California and Oregon. Ichioka solicited investments for his unregistered investment fund, Ichioka Ventures, by claiming to be a successful investor, promising investors large anticipated returns, and guaranteeing their principal. In truth, however, he was unable to pay back the promised returns and had misappropriated millions of investors’ money for personal use. The SEC’s complaint charges him with violating the antifraud provisions of the federal securities laws, and he has agreed to resolve the charges against him. The SEC, U.S. Attorney’s Office for the Northern District of California, and Commodity Futures Trading Commission have all announced charges against Ichioka.