Man Who Orchestrated $20 M. Art-Backed Crypto Scam Sentenced to Prison

A Houston man who robbed investors of millions of dollars in their savings through a fake cryptocurrency purportedly backed by a series of works by Salvador Dali, Vincent van Gogh, Pablo Picasso and other famous artists has been sentenced to a lengthy prison sentence. Nearly 1,000 victims were defrauded out of more than $20 million, with many losing their entire savings.

A federal jury in the Northern District of Illinois convicted Robert Dunlap, 55, of mail fraud in 2025. Earlier this month, U.S. District Judge LaShonda A. Hunt sentenced him to 23 years in federal prison and ordered him to pay restitution.

For five years from 2018 to 2023, Dunlap claimed to have run a cryptocurrency business peddling the digital asset “Meta-1 Coin.” He told potential investors that the asset was backed by up to $1 billion in art and $44 billion in gold, and told victims that an accounting firm had audited the gold and confirmed its value. Forged legal documents, insurance documents and other forged documents concealed the fact that he owned neither the art nor the gold.

“The defendant lied to investors for years, telling them that he had created a safe investment for them,” Assistant U.S. Attorneys Jared Hasten and Paige Nutini said in the government’s sentencing memorandum. “Over the years, the defendant was unrepentant and his lies grew larger and larger. Potential criminals planning to commit similar conduct need to know that such conduct will have serious consequences, including a long-term loss of liberty.”

According to the 2024 indictment, Dunlap falsely told victims that they could withdraw their investments at any time by exchanging Meta-1 Coins for other cryptocurrencies or traditional currencies, including the U.S. dollar.

“Robert Dunlap not only took away money, but also robbed his victims of years of hard work, trust and financial security,” said Adam Jobes, Special Agent in Charge of IRS Criminal Investigations in Chicago, in a joint statement with Andrew S. Boutros, U.S. Attorney for the Northern District of Illinois, and Douglas S. DePodesta, Special Agent in Charge of the FBI’s Chicago Field Office.

“He used lies and deception to defraud millions of dollars, leaving some investors with nothing,” Jobs said. “This type of crime not only affects bank accounts, it destroys people’s lives. The 23-year sentence reflects the seriousness of this harm and sends a clear warning: Those who exploit others for personal gain will be found and they will face severe consequences.”