Judge Issued Arrest Warrants for Republican Ex-State Senator after SEC charged him with Crypto Scam
The arrest warrant has been issued by the Texas Judge for a former Republican state senator who was involved in a crypto scam. Along with ex-senator, another major figure attacked by the recent Texas judge hearing in raising allegedly $4.3 million for the scam crypto project Meta 1 coin.
Leading Figures in Crypto Scam
On April 21, Judge Robert Pitman issued bench warrants for both David Schmidt and Robert Dunlap as they did not appear before the judge. However, the court hearing happened via video conferencing.
David Schmidt remained a GOP state senator, but in 2006, he lost the election. He is popular for his involvement in illicit activities. He paid a fine of $10,000 as he was charged for spending $40,000 in illegal activities during the election campaign.
Out of three main figures attached to the scam, Nicole Bowdler, was one of them, but the judge did not issue bench warrants for her because her part was minor as compared to Schmidt and Dunlap. She was asked to cooperate and comply with authorities by April 24. According to SEC:
“Bowdler claims to use her ‘psychic expertise’ to provide investment guidance to listeners who share her beliefs, encouraging them to invest in Meta1. In particular, Bowdler claims to be an ‘Earth Angel incarnated to help humanity,’ and purports to regularly channel and commune with angels, including the mythical angel, Metatron, who frequently teaches her about ‘the realities of our world.”
SEC is Responsible for Uncovering of Scam
The case was probed and brought by the U.S. Securities and Exchange Commission. Schmidt advertised the crypto project allegedly and told investors that tokens were backed by “$1 billion in fine art or $2 billion of gold holdings.” On March 16, SEC took action and froze crypto assets.
Texas federal judge Pitman said during the hearing:
“If incarcerated, Dunlap and Schmidt will be unable to continue Meta 1’s operations, create marketing videos, or email their putative investors.”