Robert Wesley Robb, also known as @pokerbrat2019 on social media, has pleaded guilty to wire fraud in connection with his fraudulent MEV (Maximum Extractable Value) cryptocurrency trading bot scheme. Robb now faces up to 20 years in prison.
Background
In September 2023, Robb advertised opportunities to invest in a supposed MEV cryptocurrency trading bot, promising high returns on investments ranging from $100,000 to $200,000. Through high-pressure tactics and false promises, Robb managed to lure multiple investors.
Key Events:
- September 7, 2023: An investor from Virginia, identified as Investor A, transferred $100,000 to Robb after being convinced by Robb’s claims about the bot’s capabilities.
- October 27, 2023: Robb falsely claimed that additional investments were needed to prevent dilution of Investor A’s shares, leading Investor A to send an additional $50,000.
- November 8, 2023: Robb admitted that no transactions had been conducted as the bot was still “warming up,” and refused Investor A’s refund request.
Misuse of Funds
The government’s investigation revealed that Robb misappropriated over $2.2 million from his investors, using the funds for personal luxury expenses, including:
- Leasing a two-year executive suite at the Denver Broncos’ Mile High Stadium for $204,423.
- Purchasing a 2023 Jeep Wagoneer for $117,570.
- Spending on vacations, gambling, and other lavish items.
Social Media Reaction
In December 2023, a detailed post exposed Robb’s fraudulent activities and his criminal background, detailing how over 11 investors were scammed. Robb reacted strongly on social media, threatening to sue those who spread what he called “lies” and “FUD” (Fear, Uncertainty, Doubt).
Legal Consequences
Robb’s guilty plea was confirmed on June 21, 2024, and he now faces a potential prison sentence of up to 20 years. The sentencing date is set for October 2, 2024. The court’s final decision will consider the U.S. Sentencing Guidelines and the specifics of Robb’s fraudulent activities.
Conclusion
Robb’s case serves as a stark reminder of the risks associated with unverified investment opportunities in the cryptocurrency space. Investors are urged to exercise caution and conduct thorough due diligence before committing funds to any project.
