A Houston man has beensentenced to 23 years in federal prison for operating a cryptocurrencyinvestment scheme that prosecutors say defrauded nearly 1,000 people.SingaporeSummit: Meet the largest APAC brokers you know (and those you still don't!).Robert Dunlap, 55, wasconvicted last year by a federal jury in the Northern District of Illinois onmail fraud charges, according to reporting by DallasExpress. He ran aninvestment program called the “Meta-1 Coin Trust.”Fake Picasso Gold Crypto Scheme ExposedBetween 2018 and 2023,Dunlap told investors that the digital asset was backed by large reserves ofgold and high-value artwork. He claimed the backing included up to $1 billionin art and $44 billion in gold. He also said the holdings included works by PabloPicasso, Salvador Dali, and Vincent Van Gogh.Prosecutors said theseclaims were false. They said Dunlap also told investors that an accounting firmhad audited the gold holdings. Authorities said he created fake legal documentsto support the claims and to conceal that he did not own the assets. The scheme causedlosses 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, 2026IRS Calls CaseBeyond Financial LossU.S. District JudgeLaShonda A. Hunt ordered Dunlap to pay restitution along with the prisonsentence.In a sentencingmemorandum, Assistant U.S. Attorneys Jared Hasten and Paige Nutini said Dunlapmisled investors over several years. They wrote that “Defendant lied toinvestors for years, telling them that he had created a safe investment forthem,”. They also wrote that “Over the years, defendant was unrepentant, andhis lies became bigger.”They added that futureoffenders should expect “a serious repercussion that includes loss of one’sliberty for an extended period of time.”IRS CriminalInvestigation Special Agent in Charge Adam Jobes said the fraud extended beyondfinancial losses. No further details of his statement were included in therelease.This article was written by Tareq Sikder at www.financemagnates.com.