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The Watertown man, who is due to be indicted in federal court Friday morning, was accused of defrauding investors who thought he was putting money into a lucrative short-term sports venture in Africa, prosecutors said.
According to court documents, investigators suspected that Adrian Kawuba, 33, had invested in funding “profitable investments in international sports and entertainment projects, primarily in Africa.” He said he would use the funds. He personally guaranteed the investment to appear risk-free, stating that the project would yield a return of 25% to 50% in 2 weeks to 7 weeks.
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However, FBI agents investigating Kawuba said in court documents that he never invested any money, instead using the money he earned and funds from relatives to pay the return of previous transactions. said. He also spent money on “luxury and entertainment,” according to court documents.
“Kawuba was funded by Investor 1, followed by Investors. [other investors] Kawuba has not repaid a series of financing transactions, including more than $834,000 (not including interest expense) into its June, August and November 2021 investments,” the court documents said.
Kawuba was charged with one count of wire fraud and was scheduled to be arraigned before U.S. Judge M. Page Kelley in Boston at 11:30 am. He is represented by Attorney Carla McNamara, a federal public defender.
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After meeting in college in 2011, Kauba reunited with one of the investors in March 2019, who is a successful investor and entrepreneur with experience in funding international sports ventures. He said yes, the prosecutor said.
According to court documents, Kawuba created an investment venture to “provide capital on attractive terms to meet the unique needs of youth sports businesses while creating short-term investment opportunities for investors.” I sent that person an email containing a promotional document.
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After several email exchanges and face-to-face meetings, the person agreed to invest $5,000, and Kawuba paid as promised. The person then agreed to invest her $50,000 in Kawuba under a new contract that would give him a 30% return in five months.
According to court documents, Kauba used the money to pay for personal expenses and paid another person who invested with him. However, as his bank account balance began to dwindle, he took his $60,000 from his relatives and used it to repay his first investor.
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