The CEO of an unregistered investment fund resolved fraud charges with the Securities and Exchange Commission over claims he spent investor funds on luxury goods and gambling.
The SEC said William Ichioka, through his eponymous Ichioka Ventures LLC fund, solicited investors and promised them a 10% return every 30 business days while guaranteeing their principal, according to the complaint filed Thursday in the US District Court for the Northern District of California.
He raised over $25 million from around 75 investors in California and Oregon from 2019 through 2021. Ichioka characterized himself on the fund’s website as a “self-made investor ...
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