A federal jury has convicted Rowland Marcus Andrade, the founder and CEO of AML Bitcoin, of wire fraud and money laundering related to the fraudulent marketing and sale of the cryptocurrency.
The verdict was reached after a five-week trial in the Northern District of California, with Chief U.S. District Judge Richard Seeborg presiding.
According to prosecutors, Andrade, 47, misled investors by falsely claiming that AML Bitcoin had advanced anti-money laundering technology and was nearing adoption by the Panama Canal Authority.
In reality, no such agreement existed. Andrade raised millions through these misrepresentations and diverted over $2 million for personal expenses, including luxury cars and real estate in Texas.
Financial fraud charges
Federal agents traced investor funds through multiple bank accounts, leading to charges of financial fraud. Acting U.S. Attorney Patrick D. Robbins emphasized that deceiving investors for personal gain is unlawful and will be prosecuted.
https://twitter.com/EBMAvenueLLC/status/1900260782048243819
FBI Special Agent in Charge Sanjay Virmani and IRS Criminal Investigation Special Agent in Charge Linda Nguyen underscored the agency’s commitment to protecting financial markets from fraudulent schemes.
Andrade is set for sentencing on July 22, 2025, facing up to 30 years in prison. His illegally acquired assets are subject to forfeiture.
Read the full article here