AML Bitcoin Founder Convicted of Crypto Fraud
A federal jury has found Rowland Marcus Andrade, the founder of AML Bitcoin, guilty of wire fraud and money laundering. The trial, which lasted five weeks, took place in the Northern District of California under Chief U.S. district Judge Richard Seeborg.
Prosecutors claim Andrade, 47, deceived investors by falsely stating that AML Bitcoin had cutting-edge anti-money laundering technology. He also claimed the Panama Canal Authority was about to adopt it.Though, these claims were untrue.
Andrade raised millions from investors using these false promises. He then used over $2 million for personal expenses, like luxury cars and real estate in Texas.
Financial fraud charges were filed after federal agents traced investor funds through various bank accounts. Acting U.S. Attorney Patrick D. Robbins stressed that deceiving investors for personal gain is illegal and will be punished.
The FBI and IRS highlighted their dedication to safeguarding financial markets from such scams.
Andrade is scheduled for sentencing on July 22, 2025, and faces up to 30 years in prison. His illegally obtained assets will be forfeited.
