Meta-1 Coin Operator Robert Dunlap Sentenced to 23 Years for $20M Fraud on May 3

According to Forbes, on May 3, Robert Dunlap, operator of the Meta-1 Coin scheme, was sentenced to 23 years in prison for defrauding approximately 1,000 investors between 2018 and 2023, with total losses exceeding $20 million.

The U.S. Department of Justice revealed that Dunlap falsely claimed Meta-1 Coin was backed by $44 billion in gold reserves and $1 billion in artworks by Picasso, Dali, and Van Gogh, while promising returns as high as 224,923%. He provided investors with forged audit documents and insurance materials. Investigations found the claimed assets did not exist; the Meta Exchange website used automated trading bots to create false profit illusions, and tokens were never actually issued on-chain. Investor funds were diverted to luxury purchases including Ferraris.