WSA President Charged with Wire Fraud over IGOBIT ICO

The president of World Sports Alliance (WSA) and founder of the IGOBIT cryptocurrency, a project that claimed to be “the digital token made for global citizens”, has been charged with wire fraud by prosecutors in the US Attorney’s Office for the Southern District of New York. Asa Saint Clair marketed IGOBIT through the WSA, a supposed United Nations-affiliated intergovernmental organization focused on promoting international development through sports which was, in fact, nothing more than a vehicle for funding his “lavish lifestyle”, according to prosecutors. Saint Clair now faces up to 20 years in jail for scamming investors out of an unspecified amount of money.

WSA ICO Was “Fraudulent Bait”

Saint Clair formed WSA in the spring of 2017, just as cryptocurrency, and ICOs in particular, were taking off. According to the Department of Justice (DoJ), he “falsely promised investors guaranteed returns and an ownership interest in IGOBIT” through the purported alliance and its links to the United Nations, all of which was completely false. This link to the United Nations proved to the “fraudulent bait” that he used to “lure victim investors”, say prosecutors. In reality, between 2017 and September 2019, Saint Clair solicited investors for the IGOBIT ICO using promises of guaranteed returns and representations regarding WSA’s development projects around the world. However, WSA did not in fact participate in any international development projects and Saint Clair diverted investor funds to other entities controlled by him and his family, as well as using them to pay his personal expenses, including fancy dinners, airline tickets, and online shopping. Pretty standard, as anyone who remembers the Argyle Coin case and the Lord of Ladysmith Bitcoin investment scam can testify.

Keep it in the Family

The IGOBIT website and Twitter accounts are still present, although all tweets have been deleted and the website hasn’t been updated for going on two years when, incredibly, it is stated in a blog post that Saint Clair was due to address the World Economic Forum at Davos in 2018, although there is no actual record of him having done so. Hilariously, there is also a press release dated April 2019 where WSA announce that Saint Clair has been promoted to president from treasurer, noting his “operational success to date” in the entirely fictional organization, which might be true if the operation was named “Operation Fleece Innocent Investors”. He does have a stirring quote to back his presidency however, with one William North citing Saint Clair’s “determination”. William North is a two times World Series champion who also just happens to be…Saint Clair’s uncle. Nice try boys, nice try.

giphy2

Comments (No)

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.