A Colorado individual has confessed to defrauding investors of $2.2 million and is now subject to a maximum sentence of 20 years in prison.
A Colorado man has entered a guilty plea to fraud allegations totaling $2.2 million. Upon conviction, he may be punished by up to 20 years of imprisonment. According to court documents, Robert Wesley Robb, a 46-year-old individual, employed social media platforms to promote his investment concept to unsuspecting investors.
Robert’s proposal convinced investors to send him a direct message (DM) in order to capitalize on the opportunity, resulting in investments ranging from $100 to $200,000 “lying around.” He subsequently assured the gullible investors that he was in the process of creating a crypto trading machine with a Maximum Extractable Value (MEV) that could generate substantial returns on investment.
Robb persuaded the victims to transfer their investments to his crypto wallet, guaranteeing them yields upon the bot’s completion. Nevertheless, he transmitted the funds to his cryptocurrency exchange account and subsequently withdrawn them to his personal bank accounts. The United States Attorney’s Office’s court documents disclosed that Robb’s scheme resulted in the loss of investments for over ten investors.
A specific victim from Brambleton, Virginia, invested $100,000 through an Ethereum crypto address that Robert provided. Robb allegedly deceived the victim by falsely claiming that another investor would dilute his gains by investing $300,000.
Subsequently, the victim transferred an additional $50,000 to Robert’s Ethereum address. Robb responded by stating that the program was “warming up” and would begin trading shortly, in response to the investor’s request for a refund after days. This was likely due to the fact that the Colorado man had not yet paid out any proceeds.
According to reports, the Colorado man allegedly misappropriated the funds that investors transferred to his crypto wallet, despite having assured them that his MEV machine would be operational shortly. Bank details submitted to the court suggested that Robert utilized the investors’ funds for personal expenses and luxury expenditures. The documents also disclosed that he utilized the funds to finance his extravagant vacations and travels.
Additionally, Robb purportedly utilized the funds to acquire luxury automobiles and airline reservations. He spent nearly $50,000 to finance a vacation for his girlfriend and her family members in the Bahamas and leased a luxury suit at the Denver Broncos’ Mile High Stadium for over $200,000. Additionally, he acquired a 2023 Jeep Wagoneer for over $100,000.
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