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WASHINGTON, D.C. – Asa Saint Clair, a business associate of Paul Pelosi Jr. – son of House Speaker Nancy Pelosi – has been convicted of wire fraud charges related to a digital currency scam he ran called the World Sports Alliance, which Saint Clair had falsely claimed to be an affiliate of the United Nations.
This development may spell trouble for Paul Pelosi Jr., who was involved in Saint Clair’s organization as its representative in some foreign countries.
The Southern District of New York convicted Saint Clair after a one-week trial for one count of wire fraud after he defrauded over 60 investors by claiming to head up the organization with bogus ties to the UN, telling those he fleeced that World Sports Alliance was involved in numerous development projects worldwide.
“The 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,” Department of Justice (DOJ) Attorney Damian Williams said upon Saint Clair’s conviction. “Saint Clair touted the WSA as working closely with the UN to promote the values of sports and peace for a better world, while in reality promoting only the balance of his bank accounts.”
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Saint Clair also hoodwinked investors into sinking their funds into IGObit – claiming that it was World Sports Alliance’s own form of cryptocurrency – that was, in reality, completely worthless.
“As a jury has now found, Asa Saint Clair used lies to defraud everyday people out of their hard-earned money by promising them guaranteed returns if they invested in a IGObit, a digital currency he claimed the World Sports Alliance was developing,” Williams said.
Saint Clair raised hundreds of thousands of dollars, the DOJ said, which he used to fuel his own extravagant lifestyle, including dinners at Manhattan restaurants, shopping online, and travel.
Of special significance regarding Saint Clair’s conviction is the fact that Paul Pelosi Jr. had represented World Sports Alliance in the country of Ukraine; Saint Clair’s sentencing will be on July 19, 2023 – at which time he faces up to 20 years in prison – which gives him a significant amount of time to mull over the possibility of implicating others who may have been involved in the scam.
Paul Pelosi Jr. has a history of allegedly questionable business dealings; in addition to his purported role with the World Sports Alliance scam, he also has visited Ukraine to promote his own Corporate Governance Initiative (CGI), and has been accused of allegedly bribing a San Francisco official to look the other way in relation to a real estate scam in the city.