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
$MELANIA tokenMarket manipulationA Solana memecoin announced by Melania Trump on Jan 19, 2025. Per FT analysis, ~24 wallets bought in minutes before the public announcement and netted ~$99.6M as retail piled in; the token then fell 95%+. Early buys were traced to wallets linked to $LIBRA figure Hayden Davis. No charges have been filed.
$TRUMP tokenMarket manipulationA Solana memecoin launched days before Donald Trump's second inauguration (Jan 2025). Trump-linked entities hold 80% of supply and earned $320M+ in fees while ~760,000 mostly-retail wallets lost money; a 'dinner with the president' promotion for top holders drew conflict-of-interest scrutiny. The 'scam' label is contested and no charges have been filed.
This page was last updated on Jun 15, 2026. View revision history.