Fun

US Prosecutors Charge Founder of ‘IGOBIT’ Token With Fraud

News Feed - 2019-11-07 01:11:51

U.S. prosecutors charged Asa Saint Clair, the president of a nonexistent United Nations affiliate, with fraud Wednesday, alleging he defrauded investors using the IGOBIT digital token.


Prosecutors with the Southern District of New York alleged that Saint Clair lured investors to buy into the “World Sports Alliance” using his IGOBIT digital currency, promising investors equity the in organization from 2017 to September 2019.


According to the indictment, IGOBIT was never built, and the project’s investors did not receive the tokens they were promised.


“As alleged, Asa Saint Clair used World Sports Alliance, a sham affiliate of the United Nations, as a vehicle to defraud lenders,” Manhattan U.S. Attorney Geoffrey S. Berman said in a statement. “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.”


Instead, Saint Clair is said to have siphoned off the money for his personal use.


“Saint Clair allegedly touted his company as promoting the values of sports and peace for a better world, yet defrauded all those who invested in his sham company,” Special Agent-in-Charge Peter Fitzhugh said in a statement. “As alleged, Saint Clair used the money he earned through deceit to fund a lavish lifestyle for him and his family.”


Saint Clair faces up to 20 years in prison if convicted of wire fraud.


The World Sports Alliance did not immediately respond to CoinDesk request for comment.


Image via Shutterstock

News Feed

Polygon Reveals Details About Its Future Collaboration With LBank During AMA
Polygon Reveals Details About Its Future Collaboration With LBank During AMA press release PRESS RELEASE. Recently, LBank Exchange held an AMA session with the Polygon team, discuss
JPMorgan CEO Jamie Dimon: US-China Tensions, Russia-Ukraine War ‘Far More Concerning’ Than Recession
JPMorgan CEO Jamie Dimon: US-China Tensions, Russia-Ukraine War "Far More Concerning" Than Recession JPMorgan Chase CEO Jamie Dimon says the tensions between the U.S. and China and
SUI, Zcash (ZEC) and Helium (HNT) outperform everything except memecoins — Here is why
Nancy Lubale3 hours agoSUI, Zcash (ZEC) and Helium (HNT) outperform everything except memecoins — Here is whyZEC, HNT and SUI produce double and triple-digit gains even as the wider crypto market continues to reel from
Will the Harris-Walz presidential campaign prioritize crypto policy?
Turner Wright4 hours agoWill the Harris-Walz presidential campaign prioritize crypto policy?With the US election in November and polls showing Harris in a dead heat with Donald Trump in battleground states, Democratic vo
Crypto Analyst Says Bitcoin Price Is Approaching Strongest Part Of The Bull Run, Here’s The Target
Este artículo también está disponible en español. Crypto analyst Tony Severino has said that the Bitcoin priceis approaching the strongest part of the bull run. Based on
Standard Chartered Report Structurally Values Ethereum at ‘$26K to $35K’
Standard Chartered Report Structurally Values Ethereum at "$26K to $35K" A report published by the British bank Standard Chartered indicates the company’s analysts are bulli
Catching the Falling Knife: Bitcoin, Ethereum Down 50% From All-Time Highs — Billions Leave Crypto Economy
Catching the Falling Knife: Bitcoin, Ethereum Down 50% From All-Time Highs — Billions Leave Crypto Economy The crypto economy has dropped considerably in value during the last fi
Decentralized finance is growing up: How DeFi is becoming ‘NewFi’
Vince Quill4 hours agoDecentralized finance is growing up: How DeFi is becoming ‘NewFi’Traditional institutional giants like BlackRock, which has $10.6 trillion under management, have entered the cryptocurrency space
American Rapper Cardi B Endorses WAP Token Again—But Is It A Rugpull?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Prashant Jha3 hours agoCentralized exchanges will become gateways for DeFi: Finance RedefinedThe top 100 DeFi tokens had a mixed week, with most of the tokens continuing to trade in a similar range as the previous week.1
Digital Real Pilot to Run on Ethereum-Compatible, Permissioned Blockchain
Digital Real Pilot to Run on Ethereum-Compatible, Permissioned Blockchain According to the Central Bank of Brazil, the digital real pilot project will use an Ethereum-compatible, p
Jesse Coghlan9 hours agoInferno Drainer says it’s shutting down after helping steal $70M in crypto“We hope you can remember us as the best drainer that has ever existed,” wrote the scam-as-a-service wallet drainer.