Fraud

Founder of fake UN affiliate convicted of digital currency scam

A man who claimed to be an affiliate of the United Nations has been convicted of wire fraud charges over a digital currency scam. The man claimed to be at the helm of an organization with supposed ties to the UN, but ended up scamming investors through a worthless token.

The Southern District of New York convicted Asa Saint Clair of one count of wire fraud in connection with the defrauding at least 60 investors through his digital currency scam following a one-week trial before Judge Kevin Castel. This charge carries a maximum sentence of 20 years in prison. His sentencing will be on July 19, 2023.

According to the Department of Justice (DoJ), Saint Clair founded the World Sports Alliance, which he claimed was an affiliate and close partner of the United Nations. He lured investors by making representations about his organization’s development projects worldwide, federal authorities said.

But as the DoJ notes, “the World Sports Alliance did not in fact have any relationship with the United Nations and did not, and had not, participated in any international development projects.”

Saint Clair also solicited investment in IGObit, the native token for his organization. He claimed to invest in the token assured investors of guaranteed returns and that their funds would be used to develop the token and its ecosystem.

However, he diverted the funds to other entities he controlled and used most of it for his own personal expenses, including dinners at Manhattan restaurants, shopping online, and travel. The DoJ alleges that he had raised hundreds of thousands of dollars.

 “As a jury has now found, Asa Saint Clair used lies to defraud everyday people out of their hard-earned money by promising them guaranteed returns if they invested in a IGObit, a digital currency he claimed the World Sports Alliance was developing. Saint Clair touted the WSA as working closely with the UN to promote the values of sports and peace for a better world, while in reality promoting only the balance of his bank accounts,” U.S. Attorney Damian Williams commented.

Watch: CoinGeek New York panel, Investigating Criminal Activity on the Blockchain

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