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Description: New York City, New York criminal law lawyer represented Defendant charged with devising a fraudulent investment scheme in which he tricked at least 60 victims into providing loans to his organization, the World Sports Alliance, tied to a purported digital coin offering called IGObit.
Asa Saint Clair, falsely represented to investors that the World Sports Alliance was a close affiliate of the United Nations and that they would receive guaranteed returns on their investment, but instead diverted the investors’ funds for his personal expenses and benefit.
Defendant was found guilty of wire fraud in March 2022, following a two-week jury trial.U.S. 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.”
According to the evidence presented at trial, SAINT CLAIR solicited investors for the launch of IGObit through promised investment returns, representations that the World Sports Alliance, a purported intergovernmental organization, was a close affiliate and partner with the United Nations, and representations about the World Sport Alliance’s development projects around the world. 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.
SAINT CLAIR defrauded more than 60 victims of more than $600,000 dollars.