The creator of the IGObit cryptocurrency scam, posing as a United Nations affiliate, will have to pay a fine of more than $618,000.
50-year-old Washington resident Asa Saint Clair, also known as Asa Williams and Asa Sinclair, is accused of creating a fraudulent cryptocurrency project. According to the prosecutor’s office, the man fraudulently attracted investors, guaranteeing them a large profit from investing in IGObit. The developer of the project was the World Sports Alliance, allegedly a branch of the UN. The organizer of the fraudulent scheme promised that the proceeds would be used to promote sports in developing countries. In fact, the World Sports Alliance was not associated with the UN and did not participate in such international projects.
In total, the defendant managed to raise more than $600,000 from 60 investors. However, instead of the alleged investments in the sports industry, the fraudster spent money on personal and family needs, a luxurious lifestyle and travel.
In March 2022, St. Clair was found guilty of wire fraud. On Thursday, September 15, Judge Kevin Castel of the Southern District of New York District Court sentenced St. Clair to 42 months in prison and three years on parole. In addition, the offender is required to pay a fine of $618,417 and indemnify investors in the amount of $613,417.
“Asa St. Clair brazenly deceived people, taking advantage of their desire to improve the world and promising a guaranteed income. His claims were false and the victims lost all their hard-earned money. The verdict will be a lesson to those who mislead investors by lining their own pockets at their expense,” said Damian Williams, Attorney for the Southern District of New York.
In August, the US Department of Justice sentenced two founders of Dropil, a cryptocurrency company, to prison terms for defrauding buyers of the DROP token. In addition, the founder of another cryptocurrency pyramid, EmpiresX, recently pleaded guilty to fraud. Investors have invested about $100 million in this project.
Source: Bits
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