U.S. Department of Justice: A man pleads guilty to cryptocurrency investment fraud and could be sentenced to up to 20 years in prison

Odaily News According to the U.S. Department of Justice website, a Colorado man pleaded guilty to wire fraud for defrauding investors through a series of false statements and high-handed tactics. According to court documents, on September 4, 2023, 46-year-old Robert Wesley Robb posted an opportunity to invest in the Maximum Extractable Value (MEV) cryptocurrency trading robot in a social media chat. The investigation found that more than a dozen investors in Robert's plan claimed a total loss of more than $2.2 million. Although Robert claimed that investors' funds would be used as trading capital for the MEV robot, the funds were transferred to Robert's virtual currency exchange account and bank account. Most of the funds were used for personal expenses, including air tickets, vacations, gambling, cars and other luxury goods. It is reported that Robert will be sentenced on October 2 and may be sentenced to up to 20 years in prison. The actual sentence for federal crimes is usually less than the maximum penalty. The federal district court judge will decide the sentence after considering the U.S. sentencing guidelines and other statutory factors. Currently, Assistant U.S. Attorneys Zoe Bedell and Katherine E. Rumbaugh are prosecuting the case.