$20M Crypto Scam Lands Texas Man 23-Year Prison Sentence
Robert Dunlap, a Texas man, has been sentenced to 23 years in federal prison for orchestrating a $20 million cryptocurrency scam. He was convicted of conspiracy to commit mail and wire fraud for promoting the "Meta 1 Coin," which he falsely claimed was backed by a $1 billion art collection and $2 billion in gold. The assets did not exist. Dunlap promised investors massive, risk-free returns and defrauded nearly 1,000 victims. He used the stolen funds for a lavish lifestyle, including purchasing a Ferrari. Despite an SEC order to stop, he continued promoting the scam and attempted to use "sovereign citizen" tactics to defy the court. He was also ordered to pay over $10 million in restitution.
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