Houston Man Convicted in $14 Million "Meta-1 Coin" Crypto Fraud Case

A federal jury in Chicago has found Robert Dunlap, 54, of Houston, Texas, guilty of orchestrating a cryptocurrency scheme that defrauded nearly 1,000 investors of at least $14 million.

Dunlap was convicted on two counts of mail fraud after a week‑long trial in the U.S. District Court for the Northern District of Illinois. He faces up to 40 years in federal prison, with sentencing set for February 17, 2026, by Judge LaShonda A. Hunt.

Between 2018 and 2023, Dunlap promoted a digital asset called “Meta-1 Coin” through the “Meta‑1 Coin Trust.” He falsely claimed the coin was backed by $44 billion in gold and $1 billion in art, including works by Pablo Picasso, Salvador Dali, and Van Gogh. He also falsely claimed that an accounting firm had audited the gold and certified its value, and used trading bots to inflate the coin’s price and trading volume on a self‑created platform, the“Meta Exchange”.

Investigators found that Dunlap created fake legal and insurance documents to conceal the absence of any real gold or art. His scheme left investors with substantial losses, highlighting the dangers of unverified cryptocurrency schemes.

BrokersView Reminds You

Fraudulent schemes often exploit regulatory gaps, claiming false credibility and “high returns” to lure victims. Investors must remain vigilant to safeguard their funds, especially when approached by crypto schemes.

In the U.S., the Commodity Futures Trading Commission (CFTC) serves as the primary watchdog to protect retail investors. Therefore, it may be prudent to check whether a crypto firm is registered with the CFTC as a futures commission merchant (FCM), commodity pool operator (CPO), or commodity trading advisor (CTA).