The U.S. Department of Justice (DOJ) announced on Friday that Robert Wesley Robb, 46, from Colorado, has pled guilty to wire fraud for deceiving investors with false promises about a Maximum Extractable Value (MEV) cryptocurrency trading bot. Robb solicited investments via social media, claiming high returns and pressuring individuals to invest quickly.
On September 8, 2023, an investor from Virginia transferred $100,000 to Robb. Later, Robb deceitfully encouraged an additional $50,000 investment by warning of profit dilution from another investor. 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.
