Nearly 1,000 investors fell victim to his scheme.
Texas resident Robert Dunlap was sentenced to 23 years in federal prison for participating in a fraudulent scheme involving the Meta-1 Coin token. Nearly 1,000 investors lost more than $20 million.
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Federal Judge LaShonda Hunt handed down the sentence on April 15, 2026, in the Northern District of Illinois. Dunlap must also pay restitution to the victims.
How the Fraud Worked
Between 2018 and 2023, Dunlap and his associates sold Meta-1 Coin, claiming the token was backed by a $1 billion art collection, including works by Picasso, Dali, and Van Gogh, as well as $44 billion in gold. They claimed the assets had undergone independent audits and represented a safe investment.
In reality, no real backing existed. The organizers used automated trading bots to artificially inflate the price and trading volume on their self-created Meta Exchange. The funds raised were spent on personal expenses and luxury items, including a Ferrari.
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In March 2020, the US Securities and Exchange Commission (SEC) froze the project’s assets and prohibited further token sales.
Sentence and Prosecution’s Position
Dunlap was convicted on two counts of mail fraud in November 2025. Prosecutors emphasized that the defendant showed no remorse and continued to lie for many years.
“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,” said Assistant US Attorneys Jared Hasten and Paige Nutini.
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