DOJ sentences US-based man to 42 months in prison for crypto fraud
The US Department of Justice (DOJ) recently confirmed that the agency has sentenced Asa Saint Clair, also known as Asa Williams, to 42 months in prison for running an illegal crypto investment scheme. He falsely tricked at least 60 investors into giving loans to his organization, the World Sports Alliance.
He used the investment for his personal expenses and falsely represented to investors that his firm is affiliated with the United Nations. He illegally obtained more than $600,000. Saint Clair tied his company with a crypto coin called IGObit.
US Attorney Damian Williams said: “Asa Saint Clair defrauded everyday investors by exploiting their desire to invest in a better world while receiving guaranteed financial returns. Saint Clair promised his victims all this and more if they invested in IGObit, a digital currency he claimed the World Sports Alliance developed in support of his work with the United Nations to promote sport and peace in developing countries. These promises were false, and Saint Clair’s victims lost all their hard-earned money. Today’s verdict holds Saint Clair responsible for brazenly lying to investors while he lines his own pockets.”
US authorities have stepped up their efforts against fake currency and crypto schemes in recent years. In May 2022, the Ministry of Justice sentenced the founder of a crypto derivatives platform to six months of house arrest.
IGO bit
According to the details shared by US authorities, Saint Clair misrepresented the development of IGObit.
“The World Sports Alliance actually had no relationship with the UN and did not, and had not, participated in any international development projects. SAINT CLAIR also represented to investors that their money would be used for the development of IGObit, when in fact he diverted those funds to other entities controlled by him and members of his family, as well as to pay his personal expenses, including dinners at Manhattan restaurants, travel and online commerce,” the DOJ noted in the announcement.
The US Department of Justice (DOJ) recently confirmed that the agency has sentenced Asa Saint Clair, also known as Asa Williams, to 42 months in prison for running an illegal crypto investment scheme. He falsely tricked at least 60 investors into giving loans to his organization, the World Sports Alliance.
He used the investment for his personal expenses and falsely represented to investors that his firm is affiliated with the United Nations. He illegally obtained more than $600,000. Saint Clair tied his company with a crypto coin called IGObit.
US Attorney Damian Williams said: “Asa Saint Clair defrauded everyday investors by exploiting their desire to invest in a better world while receiving guaranteed financial returns. Saint Clair promised his victims all this and more if they invested in IGObit, a digital currency he claimed the World Sports Alliance developed in support of his work with the United Nations to promote sport and peace in developing countries. These promises were false, and Saint Clair’s victims lost all their hard-earned money. Today’s verdict holds Saint Clair responsible for brazenly lying to investors while he lines his own pockets.”
US authorities have stepped up their efforts against fake currency and crypto schemes in recent years. In May 2022, the Ministry of Justice sentenced the founder of a crypto derivatives platform to six months of house arrest.
IGO bit
According to the details shared by US authorities, Saint Clair misrepresented the development of IGObit.
“The World Sports Alliance actually had no relationship with the UN and did not, and had not, participated in any international development projects. SAINT CLAIR also represented to investors that their money would be used for the development of IGObit, when in fact he diverted those funds to other entities controlled by him and members of his family, as well as to pay his personal expenses, including dinners at Manhattan restaurants, travel and online commerce,” the DOJ noted in the announcement.
