Individual Achieved 23-Year Prison Sentence Post-Life Work

(AsiaGameHub) –   Robert Dunlap, creator of Meta 1 Coin, has received a 23-year prison sentence after prosecutors stated he used false claims about gold and art to sell a fraudulent cryptocurrency token.

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Good to Know

• Robert Dunlap marketed Meta 1 Coin between 2018 and 2023.
• Prosecutors indicated the scam defrauded nearly 1,000 investors out of more than $20 million.
• Dunlap was found guilty of mail fraud charges and ordered to pay restitution.

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Meta 1 Coin Fraud Concludes With Lengthy Prison Term

A Houston resident who persuaded investors to buy a counterfeit asset-backed crypto token will serve 23 years in prison following a federal judge’s sentencing this week.

Robert Dunlap, 55, promoted Meta 1 Coin through the Meta-1 Coin Trust from 2018 to 2023, according to the U.S. Justice Department. Prosecutors claimed he told investors the token was backed by $44 billion in gold and a $1 billion art collection.

These claims were false. Dunlap asserted the gold had been audited and certified by an accounting firm. He also stated the art collection included works by Pablo Picasso, Salvador Dalí, and Vincent van Gogh. Prosecutors said he created fake legal documents to hide that he did not own the gold or art.

Nearly 1,000 people invested in Meta 1 Coin, and many lost their savings. Assistant U.S. Attorneys Jared Hasten and Paige Nutini noted Dunlap continued 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 the victims.