AML Bitcoin Founder Convicted for $2M Fraud, Faces 30 Years

Rowland Marcus Andrade, the founder and CEO of AML Bitcoin, has been convicted on charges of wire fraud and money laundering following a five-week trial. The verdict, delivered by a federal jury in San Francisco, revealed that Andrade made false claims about the cryptocurrency's development, business partnerships, and future use. Andrade, 47, now faces up to 30 years in prison, with sentencing scheduled for July 22, 2025. He could receive a maximum of 20 years for wire fraud and an additional 10 years for money laundering.

Prosecutors presented evidence showing that Andrade made false statements to investors, claiming that the Panama Canal Authority was close to adopting AML Bitcoin for transactions. This claim was later found to be baseless. Investors were misled into believing they were backing a revolutionary cryptocurrency with advanced anti-money laundering features, but the technology Andrade promoted never materialized as promised.

The jury found that Andrade misused over $2 million from AML Bitcoin sales, diverting the funds for personal expenses. These expenses included the purchase of two luxury cars and two properties in Texas. Evidence presented at trial showed that Andrade funneled investor funds through multiple bank accounts before using them for his own benefit.

Law enforcement officials involved in the case were vocal about Andrade's fraudulent tactics. Acting US Attorney Patrick D. Robbins stated that Andrade lured investors with lies, only to enrich himself. FBI Special Agent in Charge Sanjay Virmani emphasized the agency's commitment to protecting investors from financial fraud. IRS Criminal Investigation Special Agent in Charge Linda Nguyen noted that Andrade’s attempts to launder money were nothing new and that IRS experts specialize in tracing funds in such cases.

The case was investigated by the FBI and IRS Criminal Investigation unit, with Assistant US Attorneys Christiaan Highsmith, David Ward, and Matthew Chou leading the prosecution. Support was provided by Tina Rosenbaum. The court may also order Andrade to forfeit assets linked to the crimes, including the properties he purchased in Texas.

This case represents a significant development in the ongoing efforts to combat financial fraud and protect investors from deceptive practices in the cryptocurrency market. The conviction of Andrade serves as a reminder of the importance of due diligence and the potential consequences of engaging in fraudulent activities. The verdict underscores the need for transparency and accountability in the cryptocurrency sector, where regulatory oversight is still evolving. Investors are advised to conduct thorough research and exercise caution when considering investments in cryptocurrencies, especially those promoted with grandiose claims and promises of revolutionary technology.