A Watertown man was scheduled to be arraigned in federal courtroom Friday morning, accused of defrauding buyers who thought they have been placing their cash in direction of profitable short-term sports activities ventures in Africa, in line with prosecutors.

In courtroom paperwork, investigators stated Adrian Kawuba, 33, advised buyers he would use their cash to finance “lucrative investments in international sports and entertainment projects, principally in Africa.” He stated the initiatives would pay returns of 25% to 50% over two to seven weeks and he personally assured the investments to make them appear risk-free.

• Read extra: Manish Kumar sentenced in drug smuggling plot that brought opioids into Boston

But an FBI agent wanting into Kawuba stated in courtroom paperwork he by no means invested the cash and as an alternative paid returns on an earlier deal utilizing the cash he received and funds from a relative. He additionally spent funding cash on “luxury items and entertainment,” in line with courtroom paperwork.

“Kawuba obtained funds from investor one and subsequently from [other investors] for a series of financing deals, including more than $834,000 (not including interest due) in investments in June, August, and November 2021 that Kawuba has not repaid,” courtroom paperwork stated.

Kawuba was charged with one depend of wire fraud and was scheduled for arraignment at 11:30 a.m. earlier than federal Judge M. Page Kelley in Boston. He is represented by federal public defender Attorney Cara McNamara.

• Read extra: Supreme Court says it hasn’t found abortion opinion leaker

After assembly in school in 2011, Kawuba re-connected with one of many buyers in March 2019 and advised the particular person he was a profitable investor and entrepreneur with expertise financing worldwide sports activities ventures, prosecutors stated.

Kawuba despatched the particular person an e-mail with a promotional doc for an funding enterprise “to provide capital on attractive terms for youth sports businesses to meet their unique needs while creating short-term investment opportunities for investors,” in line with courtroom paperwork.

• Read extra: Jose Melendez pleads guilty to voluntary manslaughter in killing of Sandra ‘Buffy’ Hehir

The particular person agreed to take a position $5,000 after just a few e-mail exchanges and an in-person assembly, which Kawuba paid out as promised. In flip, the particular person agreed to take a position $50,000 with Kawuba underneath a brand new settlement for a 30% return over 5 months.

Kawuba used the cash to pay private bills, courtroom paperwork stated, and repay one other one who had invested with him. But as his checking account stability began to dwindle, he acquired $60,000 from a relative which he used to pay again the preliminary investor.