coindesk.com
The president of a fictitious United Nations (UN) affiliate has been convicted of defrauding investors in a crypto offering.
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Asa Saint Clair has been convicted of wire fraud for devising an investment scheme which scammed more than 60 victims into providing loans to a sham organization he had invented, according to a Department of Justice release Friday.
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The "World Sports Alliance," he claimed, was an affiliate of the UN promoting the values of sports that was developing IGObit, a digital coin which guaranteed returns on investment, in a scheme that ran from November 2017 to around September 2019.
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Saint Clair was "in reality promoting only the balance of his bank accounts," Damian Williams, Attorney for the Southern District of New York, said.
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The more than 60 victims of Saint Clair's scam were defrauded of "hundreds of thousands of dollars," according to the release.
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The count of wire fraud carries a maximum sentence of 20 years in prison. Saint Clair is scheduled to be sentenced by a judge on July 19, 2022.
Read more: US Prosecutors Charge Founder of 'IGOBIT' Token With Fraud
