Robert Wesley Robb, 46, from Colorado, pled guilty to wire fraud for deceiving investors with false promises about a Maximum Extractable Value (MEV) cryptocurrency trading bot, the U.S. Department of Justice announced.
Robb solicited investments via social media, claiming high returns and pressuring individuals to invest quickly.
An investor from Virginia transferred $100,000 to Robb on September 8, 2023, and Robb later deceitfully encouraged an additional $50,000 investment by warning of profit dilution.
Investigations revealed Robb diverted investor funds for personal luxuries, including an executive suite lease at Mile High Stadium, a Jeep Wagoneer, and a Bahamas vacation.
More than 10 investors lost over $2.2 million in total. Robb faces up to 20 years in prison, with sentencing scheduled for October 2.