The Arizona Corporation Commission issued a default order against Robert Paul Dunlap of Florida and Meta 1 Coin Trust, stemming from their failure to respond to charges of defrauding over 300 investors with a fraudulent cryptocurrency offering.
Despite claims of backing by diverse assets like artwork and precious metals, Dunlap and Meta 1 Coin Trust never used investor funds to purchase such assets.
Operating from a retail store mailbox in Sedona, Arizona, and having prior judgments for securities fraud, they have been ordered to pay $4.15 million in restitution and a $250,000 administrative penalty.