A man from New York allegedly carried out a fraudulent cryptocurrency scheme by claiming it was tied to a United Nations branch that promotes international development through sport, according to an indictment released this week by the Justice Department.
According to the division, the 47-year-old Asa Saint Clair sold investors on a digital currency called IGOBIT, giving them guaranteed returns and an interest in the cryptocurrency. According to him, the funding would go to the World Sports Alliance, a group that claimed to be connected to the UN and to work on global development projects. But the medal never existed and World Sports Alliance did not work on international projects, prosecutors say.
Instead, Saint Clair would have used the proceeds for personal expenses, including meals and airline tickets. Prosecutors did not state exactly how much Saint Clair would have earned, but they said in documents that several people had invested thousands of dollars each and that the settlement lasted for the past two years.
Saint Claire is confronted with one count of wire fraud and the possibility of 20 years in prison.
A special agent from the Homeland Security Investigations department in New York said in a statement that Saint Clair & # 39; would have promoted his company because it promotes the values of sport and peace for a better world, yet everyone who has invested in his sham has cheated company. "