The U.S. Department of Justice (DOJ) has made an announcement on Friday, stating that 46-year-old Robert Wesley Robb, hailing from Colorado, has pleaded guilty to wire fraud. This comes after Robb deceived investors by making false promises regarding a cryptocurrency trading bot called Maximum Extractable Value (MEV). Through social media, Robb sought investments by enticing individuals with the possibility of high returns and pressuring them to invest hastily.
On September 8, 2023, an investor from Virginia transferred $100,000 to Robb. Later on, Robb cunningly encouraged this investor to make an additional investment of $50,000 by warning them of potential profit dilution due to another investor. Further investigations revealed that Robb redirected the funds from investors for his own personal luxuries. These included leasing an executive suite at Mile High Stadium, purchasing a Jeep Wagoneer, and indulging in a vacation in the Bahamas. Shockingly, more than 10 investors collectively lost over $2.2 million as a result of Robb’s deceitful actions.
Robb now faces the possibility of being sentenced up to 20 years in prison. The sentencing has been scheduled for October 2.
