A Texas man has been convicted of federal charges after he defrauded 1,000 investors out of $14 million with a crypto currency scam, according to court documents.
Robert Dunlap, 54, was convicted Monday by a Chicago jury on two counts of mail fraud. The charges carry a maximum sentence of 40 years in federal prison.
He used the “Meta-1 Coin” through a “Meta-1 Coin Trust” causing 1,000 investors to lose at least $14 million, prosecutors said.
Dunlap claimed the coin was backed by $44 billion in gold — which he said had been audited and certified by an accounting firm — and a $1 billion art collection that he alleged included works by Pablo Picasso, Salvador Dali, Vincent Van Gogh, among others, according to prosecutors. Prosecutors said he forged legal and insurance documents to try to prove he had the assets.
He then used bots to inflate the coin’s value in the “Meta Marketplace.”
Dunlap is set to be sentenced Feb. 17.
Related Posts:
- Chicago crypto firm, founder indicted in $10 million money-laundering case News The founder of a Chicago-based cryptocurrency company has been indicted on federal money-laundering charges, accusing him of laundering at least $10 million in wire fraud and drug crime proceeds, according to a recently unsealed indictment. Firas Isa, 36, of Frankfort, and his company, Virtual Assets LLC, have each been charged…
- Masked gang force victim to hand over £1,100,000 in daring crypto heist News Thames Valley Police have arrested four men as part of their investigation into the robbery (Picture: PA) Masked criminals forced their way into a car and stole more than £1.1million in cryptocurrency in an audacious daylight robbery. Five people, two men and three women, were driving from Oxford to London…
- From The Roxy to Crypto: Sabrina Carpenter’s sold-out show hits its sweet spot News On Wednesday night, the rare stretch of November rain that had lingered over Los Angeles for days finally lifted, giving way to a nice golden glow as thousands of fans streamed into Crypto.com Arena on Nov. 19 for Sabrina Carpenter’s third of six sold-out shows on the Short N’ Sweet…
- Sex abuse trial for former South Bay youth pastor heads to jury Uncategorized SAN JOSE — A jury is now deciding whether a former South Bay youth pastor and well-known nonprofit leader sexually abused two sisters who were under his tutelage a decade ago at The River church, capping a lengthy trial in which his attorneys argued that several influential church families fabricated…
- Sex abuse trial for former South Bay youth pastor heads to jury News SAN JOSE — A jury is now deciding whether a former South Bay youth pastor and well-known nonprofit leader sexually abused two sisters who were under his tutelage a decade ago at The River church, capping a lengthy trial in which his attorneys argued that several influential church families fabricated…
(Visited 2 times, 2 visits today)