According to Odaily, a man from Colorado has admitted to committing telecommunication fraud, duping investors through a series of false statements and high-pressure tactics. Court documents reveal that on September 4, 2023, 46-year-old Robert Wesley Robb offered an opportunity to invest in a Maximum Extractable Value (MEV) cryptocurrency trading robot via social media chats.
Investigations into Robert's scheme found that over a dozen investors claimed to have lost a total of more than $2.2 million. Despite Robert's claims that the investors' funds would be used as trading capital for the MEV robot, these funds were instead transferred into Robert's cryptocurrency exchange and bank accounts. The majority of the funds were used for personal expenses, including air tickets, vacations, gambling, cars, and other luxury items.
Robert is set to be sentenced on October 2, with a maximum sentence of 20 years in prison. The actual sentence for federal crimes is usually less than the maximum penalty. The federal district court judge will determine 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.