The president of a fictitious United Nations affiliate has been convicted of defrauding investors in a crypto offering following a one-week jury trial.
- Asa Saint Clair, 49, a resident of Washington, D.C., has been convicted of wire fraud for devising an investment scheme that scammed more than 60 victims into providing loans to a sham organization he had invented, according to a Department of Justice press release Friday.
- The "World Sports Alliance," he claimed, was an affiliate of the UN promoting the values of sports that was developing IGObit, a digital coin that guaranteed returns on investment, in a scheme that ran from November 2017 to around September 2019.
- Saint Clair was "in reality promoting only the balance of his bank accounts," Damian Williams, the U.S. Attorney for the Southern District of New York, said.
- The more than 60 victims of Saint Clair's scam were defrauded of "hundreds of thousands of dollars," according to the Department of Justice's press release.
- 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.
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