Meta 1 Coin
A purported gold/art-backed digital asset that the SEC called a fraud: it falsely claimed backing by $1B in art or $2B in gold and 'risk-free' returns up to 224,923%, raising $4.3M+ from 150+ investors. Defendants were jailed for contempt; founder Robert Dunlap was later convicted of mail fraud.
Also known as: Meta 1 Coin, Meta 1 Coin Trust
Summary
The Meta 1 Coin Trust marketed the "Meta 1 Coin" (from 2018) as a risk-free digital asset that could never lose value and might return up to 224,923%, falsely claiming it was backed by a $1 billion art collection or $2 billion in gold (supposedly being audited). Per the SEC, it was backed by nothing; the operators never delivered coins and spent investor money on personal expenses, including a $215,000 Ferrari. It raised more than $4.3 million from 150+ investors. [1][2]
People and outcome
The SEC charged Robert Dunlap, his partner Nicole Bowdler, and former Washington state senator David Schmidt in March 2020. A Texas federal court held the operators in civil contempt and ordered Dunlap and Schmidt jailed for defying its orders. Dunlap was later criminally convicted of mail fraud and, in 2026, sentenced to 23 years in prison. [1][2]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
- Robert DunlapOperatorIndividualsA lead operator of the Meta 1 Coin fraud, which falsely claimed gold/art backing and risk-free returns. Jailed for civil contempt during the SEC case, he was later convicted of mail fraud and sentenced in 2026 to 23 years in prison.
- David SchmidtPromoter (former state senator)IndividualsA former Washington state senator who helped market the Meta 1 Coin, telling investors it was secured by $2B in gold under audit. The SEC charged him in 2020 and a court jailed him for civil contempt for defying its orders.
- Nicole Bowdler
Sources (2)
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.