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SEC Suspends Fraud Project Supported by Former Senator


Anna Martynova

The US Securities and Exchange Commission (SEC) froze assets and took emergency measures to stop fraud committed by Florida residents Robert DUNLAP and Nicole BOWDLER, as well as former Washington State Senator Dave SCHMIDT.

The SEC claims that the defendants marketed and sold the digital asset Meta 1 Coin as an unregistered securities offering through the Meta 1 Coin Trust. Investors were misled by claiming that the Meta 1 Coin was backed with a rare art collection worth $1 bln and gold worth $2 bln. Investors never received their coins, and their investments were spent on the personal expenses of the defendants. According to the SEC, the defendants raised $4.3 mln from 150 investors.

The SEC accused the organizers of Meta 1 Coin of violating federal fraud laws and organizing the sale of unregistered securities. Earlier, the SEC blamed Hollywood actor Steven Seagal for concealing the fact that he was paid for advertising the ICO Bitcoiin2Gen.

Image courtesy of Linked In


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