Fake crypto scammer jailed for 23 years after $44B gold-backed fraud
A Houston man who sold investors on a fake asset-backed crypto token will spend 23 years in prison after a federal judge sentenced him this week.
Robert Dunlap, 55, promoted Meta 1 Coin through Meta-1 Coin Trust between 2018 and 2023, according to the US Justice Department. Prosecutors said he told investors the token was backed by $44 billion in gold and a $1 billion art collection.
The claims were false. Dunlap said the gold had been audited and certified by an accounting firm. He also claimed the art collection included works by Pablo Picasso, Salvador Dali and Vincent Van Gogh. Prosecutors said he created fake legal documents to hide that he did not own the gold or the art.
Nearly 1,000 people invested in Meta 1 Coin, and many lost their savings. Assistant U.S. Attorneys Jared Hasten and Paige Nutini said Dunlap kept lying to investors for years while presenting the token as a safe investment.
"Over the years, defendant was unrepentant and his lies became bigger. Would-be criminals planning to engage in similar conduct need to know that such actions will be met with a serious repercussion that includes loss of one's liberty for an extended period of time."
U.S. District Judge LaShonda A. Hunt of the Northern District of Illinois handed down the sentence on Tuesday. A federal jury convicted Dunlap on mail fraud charges last year.
Hunt also ordered Dunlap to pay restitution to victims.
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