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25 November 2020

Meta 1 Crypto-Psychic 'Fraudsters' Still Won’t Show Up to Court - Decrypt

Meta 1 Crypto-Psychic 'Fraudsters' Still Won’t Show Up to Court - Decrypt

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According to the SEC, Schmidt, Dunlap, and Bowdler had set up an ICO for a crypto token called Meta 1 Coin under false pretenses: they had claimed, at different times, that the coin was backed either by $1 billion of fine art or $2 billion of gold.

The complaint alleges that not only were these claims false, but that investor funds were poured into an account called the Meta 1 Coin Trust, and were spent on non-business extravagances (including a $215,000+ Ferrari).

Per the complaint, Dunlap and Bowdler hawked their coin on an internet talk show called “Crypto Visions, Evolutionary Journeys,” which was hosted by a psychic that channeled “spirit guides” to recommend different cryptocurrencies!

Among the more tame details is that Schmidt and Dunlap were apparently promising investors a 224,923% on their coin, and called it a “very conservative value.” Sounds legit.

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