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

"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."

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.

Read at The Art Newspaper - International art news and events