AML Bitcoin CEO Convicted of $2M Fraud; Faces 30 Years for Investor Deception

March 13, 2025
AML Bitcoin CEO Convicted of $2M Fraud; Faces 30 Years for Investor Deception
  • The jury found Andrade guilty of two felony counts related to a fraudulent scheme that deceived investors, with criminal charges initially filed against him in June 2020.

  • The charges stemmed from Andrade's initial coin offering of AML Bitcoin conducted between 2017 and 2018, which was central to the fraudulent activities.

  • The SEC's civil case against Andrade, which involves allegations of misrepresentation, has connections to political lobbyist Jack Abramoff, who pleaded guilty in 2020.

  • Andrade's sentencing hearing is scheduled for July 22, 2025, where he could face up to 30 years in prison, with his illegally acquired assets subject to forfeiture.

  • This case is notable as one of the first and longest-running 'pump-and-dump' cases prosecuted at the federal level in the U.S.

  • Acting U.S. Attorney Patrick D. Robbins emphasized the seriousness of Andrade's actions, stating that deceiving investors for personal gain is illegal and will be prosecuted.

  • Federal agents traced the misappropriated investor funds through multiple bank accounts, leading to the financial fraud charges against Andrade.

  • Rowland Marcus Andrade, founder and CEO of AML Bitcoin, was convicted of wire fraud and money laundering by a federal jury in California after a five-week trial.

  • Prosecutors highlighted that Andrade falsely claimed AML Bitcoin possessed advanced anti-money laundering technology and was close to being adopted by the Panama Canal Authority, despite no such agreement existing.

  • Linda Nguyen, a special agent from the IRS, noted that Andrade misled individuals into investing in a cryptocurrency with fictitious features.

  • Evidence during the trial revealed that Andrade misappropriated over $2 million from the sale of AML Bitcoin for personal expenses, including luxury cars and real estate.

  • FBI and IRS officials reaffirmed their commitment to protecting investors from financial frauds like those perpetrated by Andrade.

Summary based on 5 sources


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