U.S. prosecutors charged the president of a nonexistent United Nations affiliate, Asa Saint Clair, with fraud on November 6, claiming he cheated investors utilizing the IGOBIT digital token.
The Southern District of New York’s prosecutors claimed that Saint Clair coaxed investors to get tied up with the “World Sports Alliance” utilizing his IGOBIT token, promising investors equity in the association from 2017 to September 2019.
As indicated by the indictment, IGOBIT was never developed, and the initiative’s investors didn’t get the tokens they were guaranteed.
“As alleged, Asa Saint Clair used World Sports Alliance, a sham affiliate of the United Nations, as a vehicle to defraud lenders,” Manhattan U.S. Lawyer Geoffrey S. Berman stated. “Saint Clair allegedly defrauded investors in IGOBIT, a digital currency he claimed WSA was developing, but which turned out to be the fraudulent bait with which to lure victim investors.”
Rather, Saint Clair is said to have redirected the cash for his own utilization.
“Saint Clair allegedly touted his company as promoting the values of sports and peace for a better world, yet defrauded all those who invested in his sham company,” Special Agent-in-Charge Peter Fitzhugh stated. “As alleged, Saint Clair used the money he earned through deceit to fund a lavish lifestyle for him and his family.”
If indicted for wire fraud, Saint Clair faces up to 20 years in jail.