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.