President of sham UN affiliate faces wire fraud charges over cryptocurrency scheme

Maria Nikolova

Asa Saint Clair allegedly participated in a scheme to defraud victims into providing loans tied to the launch of offering of digital coins called IGOBIT by World Sports Alliance.

US authorities today announce wire fraud charges against Asa Saint Clair, a purported president of World Sports Alliance, a sham affiliate of the United Nationa.

Saint Clair allegedly participated in a scheme to defraud victims into providing loans tied to the launch of digital currency IGOBIT by World Sports Alliance, an organization that claimed to be focused on promoting international development through sports, and falsely promised investors guaranteed returns and an ownership interest in IGOBIT.

Manhattan U.S. Attorney Geoffrey S. Berman said: “Saint Clair allegedly defrauded investors in IGOBIT, a digital currency he claimed WSA was developing, but which turned out to be the fraudulent bait with which to lure victim investors.”

According to the allegations in the Indictment unsealed late on Tuesday in Manhattan federal court and the previously filed Complaint, from 2017 through September 2019, Saint Clair solicited investors for the launch of IGOBIT through promised investment returns and representations about World Sports Alliance’s development projects around the world.

In reality, World Sports Alliance did not participate in any international development projects and Saint Clair did not dedicate investor funds to IGOBIT. Instead, Saint Clair 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, airline tickets, and online shopping.

The defendant is charged with one count of wire fraud, which carries a maximum sentence of 20 years in prison.

The case has been assigned to U.S. District Judge P. Kevin Castel.

Read this next

Retail FX

Investors from Cyprus and Dubai acquire ‘significant stake’ in M4Markets

Seychelles-regulated brokerage firm M4Markets firm has picked up some investment from Cyprus and Dubai based investors in a new funding round that it will be using to grow its business.

Executive Moves

UAE broker Amana elevates Amr Masry to sales director

Amr Masry has been promoted to a new senior role at Amana Capital, becoming the group’s newest Sales Director, following a successful tenure with the UAE-based FX and CFDs broker.

Executive Moves

TopFX promotes Omar Al-Janabi to head of sales and business development

Prime brokerage firm TopFX has strengthened its Middle East operations with the promotion of Omar Al-Janabi, who is taking on an expanded role as global head of sales and business development.

Retail FX

Plus500 says 2022 revenue to be ‘significantly’ ahead of analysts’ estimates

Israeli-based, but London-stock market listed Plus500 said it expects annual revenue and earnings to be ahead of analysts’ estimates even as trading levels normalised from record volumes in the first quarter.

Digital Assets

Crypto derivatives giant BitMEX launches spot market

Crypto exchange BitMEX is looking to branch out of its singular focus on crypto derivatives with a suite of new product offerings. Although derivatives are to remain at the heart of BitMEX’s business, the popular platform will add spot crypto trading as it aims to aggressively grow their user base.

Uncategorized

PrimeXM reports mixed trading volumes for April

PrimeXM has reported weaker trading volumes for April 2022, in line with other institutional and retail platforms that saw the activity of their clients dropped compared to a month earlier.

Digital Assets

DLT Finance approved by BaFin to support brokerage and custody of digital assets

DLT Finance is already partnered with big names within the digital asset space, including Kraken, Bitstamp, B2C2, and Bittrex.

Institutional FX

LUKB taps vestr to launch actively managed products, AMCs

The partnership with vestr goes to show the growing importance of digitising the active investment management space.

Digital Assets

Jewel taps Tokeny to launch stablecoin-as-a-service solution on Polygon

Jewel aims to offer a stablecoin-as-a-service solution to other digital asset and financial institutions B2B, allowing those businesses to provide cheaper, easier and near real time payments with stablecoins issued and redeemable directly at the bank level at Jewel.

<