The president of the UN-headquartered World Sports Alliance has pleaded “not guilty” to a wire fraud charge related to the selling of an allegedly fake cryptocurrency, Law360 reports.
Asa Saint Clair, a resident of New York, is now reportedly under house arrest in Arizona, having been released from US federal custody on a $500,000 bond.
Prosecutors sought strict conditions for his release, as he’d bought a one-way ticket to Madagascar in the wake of investigator interviews.
Authorities arrested Saint Clair at the airport.
According to Law360, prosecutors allege Saint Clair defrauded at least three investors out of thousands of dollars with claims that World Sports Alliance was in a position to help developing countries with access to water, food, and sports facilities.
IGOBIT, the cryptocurrency for developing countries that never existed