A Texas man was sentenced to over two decades in prison for scamming investors out of more than $20 million by selling a crypto token supposedly backed by an art collection including works by Pablo Picasso, Vincent Van Gogh and Salvador Dalí.
On Thursday, U.S. District Judge LaShonda A. Hunt sentenced Robert Dunlap, 55, to 23 years in federal prison and ordered him to pay restitution to his almost 1,000 victims.
“Robert Dunlap didn’t just take money—he took years of hard work, trust, and financial security from his victims,” said Adam Jobes, special agent-in-charge of IRS Criminal Investigation in Chicago, in a statement. “He used lies and deception to pull in millions, leaving some investors with nothing.”
Last year, a federal jury in the Northern District of Illinois convicted Dunlap on mail fraud charges. Dunlap operated a crypto project that sold “Meta-1 Coin,” which was supposedly backed by $44 billion in gold and about $1 billion in art. He also falsely claimed these assets were audited, according to law enforcement.
None of that was true, and many investors lost all of their savings, prosecutors said.
“Crimes like this don’t just hit bank accounts—they upend lives,” Jobes said. “This 23-year sentence reflects the depth of that harm and sends a clear warning: Those who exploit others for personal gain will be found, and they will face serious consequences.”
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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