Texas man who ran cryptocurrency scam supposedly backed by blue-chip art worth $1bn sentenced to 23 years in prison

Robert Dunlap defrauded nearly 1,000 investors through a fake cryptocurrency scheme involving the 'Meta-1 Coin' from 2018 to 2023. He falsely claimed the coin was backed by $1 billion in art and $44 billion in gold, using fabricated legal documents to maintain the deception. Dunlap was convicted of mail fraud and sentenced to 23 years in prison, with a restitution order for over $20 million lost by investors. Prosecutors noted his lack of remorse, while investigators highlighted the significant personal impact on victims.

"Defendant lied to investors for years, telling them that he had created a safe investment for them. Dunlap's fraud scheme caused nearly 1,000 investors to lose more than $20m. Many of the victim investors lost all of their savings."

"Robert Dunlap didn't just take money; he took years of hard work, trust and financial security from his victims."

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