The Arizona Corporation Commission issued a default order against Robert Paul Dunlap of Florida and Meta 1 Coin Trust, stemming from their failure to respond to charges of defrauding over 300 investors with a fraudulent cryptocurrency offering.

Despite claims of backing by diverse assets like artwork and precious metals, Dunlap and Meta 1 Coin Trust never used investor funds to purchase such assets. Operating from a retail store mailbox in Sedona, Arizona, and having prior judgments for securities fraud, they have been ordered to pay $4.15 million in restitution and a $250,000 administrative penalty.

All legal documents relating to this agenda item can be found in the Corporation Commission's online docket at edocket.azcc.gov and entering docket number S-21149A-21-0372.