<p>The US Department of Justice (DOJ) recently <a href=”https://www.justice.gov/usao-sdny/pr/president-sham-united-nations-affiliate-sentenced-42-months-prison-cryptocurrency” target=”_blank”>confirmed</a> that the authority 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 providing loans to his organization, the World Sports Alliance.</p><p>He used the investment for his personal expenses and falsely represented to investors that his firm is affiliated with the UN. He illegally obtained more than $600,000. Saint Clair tied his company with a crypto coin called IGObit.</p><p>US Attorney Damian Williams, said: “Asa Saint Clair deceived everyday investors by taking advantage of their desire to invest in a better world while also getting a guaranteed financial return. Saint Clair promised his victims all this and more if they invested in IGObit, a digital currency he claimed the World Sports Alliance was developing in support of its work with the UN to promote sports and peace in developing countries. These promises were false, and Saint Clair’s victims lost the entirety of their hard-earned money. Today’s sentence holds Saint Clair accountable for brazenly lying to investors while lining his own pockets.”</p><p><a href=”https://www.financemagnates.com/forex/us-authorities-arrest-a-man-for-running-18-million-fraudulent-scheme/” target=”_blank”>US authorities</a> have increased their efforts against fraudulent FX and crypto schemes in the past few years. In May 2022, the department of justice sentenced the founder of a crypto derivatives platform <a href=”https://www.financemagnates.com/cryptocurrency/news/founder-of-crypto-derivatives-platform-sentenced-to-6-months-of-home-detention/” target=”_blank”>to six months of home detention</a>.</p><p>IGObit</p><p>According to the details shared by the US authorities, Saint Clair falsely represented the development of IGObit.</p><p>“World Sports Alliance did not in fact have any relationship with the United Nations 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 he in fact 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 shopping,” DOJ noted in the announcement.</p>
This article was written by Bilal Jafar at www.financemagnates.com.