The U.S. Securities and Exchange Commission has requested a default judgment against three companies and four individuals associated with the allegedly fraudulent art and gold-backed cryptocurrency Meta 1 Coin.
The SEC filed its Nov. 18 motion for a default judgment after the defendants failed to appear to put their case, despite having corresponded with both the court and legal representation. The defendants are Meta 1 Coin Trust, Clear International Trust, and Ironheart Trust, and individuals Robert P. Dunlap, Nicole Bowdler, Wanda Traversie-Warner, and Alfred Warner Jr.
They are accused of defrauding at least 500 investors worldwide out of $9 million in exchange for crypto tokens that Meta 1 Coin allegedly fraudulently represented as being backed by either $1 billion worth of fine art assets or $2 billion worth of gold.
According to a lawsuit filed by the SEC in March, no fine art collection, gold holdings, or even digital currency ever existed, and investor funds were spent on personal