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- A Washington resident, Asa Saint Clair, was found guilty of wire fraud for devising an investment scheme that defrauded over 60 victims.
- As per the culprit, “World Sports Alliance” was an associate of United Nations, promoting sports values that were building IGObit, a virtual coin.
- Wire fraud count carries a maximum of 20 years in prison sentencing. All this information was released by Justice Department on Friday.
False President
As per a press release by Department of Justice, Asa Saint Clair was convicted for crypto fraud by Damian Williams. Saint Clair made an investment scheme to lure investors where he defrauded over 60 victims into offering loans to his organization dubbed World Sports Alliance.
He claimed that organization is pegged to a purported virtual coin offering known as IGObit. Culprit falsely exhibited to investors that World Sports Alliance was a close associate of United Nations, and so folks aware given a guarantee regarding their returns on investment.
Damian Williams, US Attorney, stated that, as it is now identified by jury, Asa Saint Clair lied regarding his scheme to defraud regular folks out of their hard-earned income by pledging them some positive returns on investment on IGObit.
He further added, that Saint Clair claimed his organization is working closely with United Nations for promotion of sports value and peace for an improved world, but actually, culprit was promoting his bank balance.
Saint Clair was charged and convicted in one count for conducting wire fraud, in breach of Title 18, US Code, Section 1343, from around November 2017, to September 2019.
Culprit solicited investors for release of IGObit via pledged investment returns, exhibiting that World Sports Alliance, a purported intergovernmental company, was an associate of UN and represented development projects all across the globe.
In reality, WSA did not have any associations with United Nations and didn’t, hadn’t, taken part in any global development projects.
Saint Clair also exhibited to investors, that their money will be utilized for good and development of IGObit, when he turned around those funds to other entities he manages, as well as towards his family members.
Culprit also utilized these funds to pay for his personal spending, involving online shopping, travel, and Manhattan eateries.
Damian Williams eulogizes Homeland Security Investigations’ work.
This case’s prosecution is being managed by Justice Department’s Money Laundering and Transnational Criminal Enterprises Unit.
Folks who makes investments in attractive schemes should always do their complete research before making investments. As this case is an excellent example of how people must not many a hurry regarding their funds.
Cryptocurrency sector is flourishing at an incredible pace, and has offered some juicy profits, but there are crawlers like Saint Clair out there who can snatch your hard-earned money in a blink of an eye.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
