A Texas man has been convicted of federal charges after he defrauded 1,000 investors out of $14 million with a cryptocurrency scam.
Robert Dunlap, 54, was convicted Monday by a Chicago jury on two counts of mail fraud. He faces a maximum term of 40 years in federal prison when he’s sentenced Feb. 17.
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 said 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 told investors included works by artists including Pablo Picasso, Salvador Dali and Vincent Van Gogh, according to prosecutors.
They said he forged legal and insurance documents to show he had the assets, then used bots to inflate the coin’s value in the “Meta Marketplace.”
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