AML Bitcoin founder convicted of fraud and money laundering

A federal jury condemned Rowland Marcus Andrade, the founder and CEO of AML Bitcoin, wire fraud and money laundering linked to marketing and fraudulent sale of cryptocurrency.

The verdict was rendered after a five -week trial in the northern district of California, the chief judge of the American district Richard Seeborg chairs.

According to prosecutors, Andrade, 47, Investors in error By wrongly affirming that AML Bitcoin had progressed the anti-money laundering technology and approached the adoption by the authority of the Panama Canal.

In reality, no agreement existed. Andrade raised millions of people thanks to these false statements and has diverted more than $ 2 million for personal expenses, including luxury and real estate cars in Texas.

Financial fraud costs

Federal agents Traced investor funds Through several bank accounts, leading to accusations of financial fraud. The American prosecutor Patrick D. Robbins stressed that the deception of investors for personal purposes is illegal and will be prosecuted.

Special Agent of the FBI in charge Sanjay Virmani and the Special Agent of the Criminal Survey of the IRS in charge Linda Nguyen underlined the agency’s commitment to protect the financial markets against fraudulent schemes.

Andrade should condemn on July 22, 2025, which can accommodate up to 30 years in prison. Its assets acquired illegally are subject to confiscation.