Picasso, Dali and Van Gogh Used in Houston Crypto Scam That Promised Billions in False Backing

A Houston man has been
sentenced to 23 years in federal prison for operating a cryptocurrency
investment scheme that prosecutors say defrauded nearly 1,000 people.

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Robert Dunlap, 55, was
convicted last year by a federal jury in the Northern District of Illinois on
mail fraud charges, according to reporting by DallasExpress. He ran an
investment program called the “Meta-1 Coin Trust.”

Fake Picasso Gold Crypto Scheme Exposed

Between 2018 and 2023,
Dunlap told investors that the digital asset was backed by large reserves of
gold and high-value artwork. He claimed the backing included up to $1 billion
in art and $44 billion in gold. He also said the holdings included works by Pablo
Picasso, Salvador Dali, and Vincent Van Gogh.

Prosecutors said these
claims were false. They said Dunlap also told investors that an accounting firm
had audited the gold holdings. Authorities said he created fake legal documents
to support the claims and to conceal that he did not own the assets. The scheme caused
losses of more than $20 million. Many investors lost their savings.

HOUSTON MAN SENTENCED TO 23 YEARS IN FEDERAL PRISON FOR $20 MILLION CRYPTOCURRENCY FRAUD SCHEMERead More: https://t.co/U9PdsS4RebRobert Dunlap, 55, was convicted of mail fraud for falsely claiming his Meta-1 Coin Trust was backed by $1 billion in art and $44 billion in gold.… pic.twitter.com/OgdSIxAztR

— The Dallas Express News (@DallasExpress) April 17, 2026

IRS Calls Case
Beyond Financial Loss

U.S. District Judge
LaShonda A. Hunt ordered Dunlap to pay restitution along with the prison
sentence.

In a sentencing
memorandum, Assistant U.S. Attorneys Jared Hasten and Paige Nutini said Dunlap
misled investors over several years. They wrote that “Defendant lied to
investors for years, telling them that he had created a safe investment for
them,”. They also wrote that “Over the years, defendant was unrepentant, and
his lies became bigger.”

They added that future
offenders should expect “a serious repercussion that includes loss of one’s
liberty for an extended period of time.”

IRS Criminal
Investigation Special Agent in Charge Adam Jobes said the fraud extended beyond
financial losses. No further details of his statement were included in the
release.

This article was written by Tareq Sikder at www.financemagnates.com.



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