https://www.ecclestonlaw.com/eccleston-law-blog/founder-of-aml-bitcoin-convicted-in-5-million-cryptocurrency-fraud-scheme

A California federal jury has convicted Rowland Marcus Andrade, the founder of AML Bitcoin, on charges of wire fraud and money laundering. Bloomberg Law reports that prosecutors accused Andrade of orchestrating a $5 million scheme that misled investors about the legitimacy of AML Bitcoin and diverted funds for personal use.

Between 2017 and 2018, Andrade falsely promoted AML Bitcoin as a forthcoming tradeable cryptocurrency, claiming it was on the verge of adoption by the Panama Canal Authority for international shipping. The U.S. Department of Justice (DOJ) revealed that no such deal existed. Instead, Andrade used over $2 million from investor funds to purchase Texas properties, luxury cars, and finance lavish personal expenses.

Jack Abramoff, the former D.C. lobbyist with a history of fraud, was named as a co-conspirator in the case. Abramoff pleaded guilty in 2020 and agreed to pay over $50,000 in penalties related to the AML Bitcoin scheme.

During the trial, Andrade’s attorneys argued that he was manipulated by unscrupulous business associates, including Abramoff. They claimed he was exploited due to his good faith, hard work, and alleged mental impairments. According to Bloomberg Law, the jury rejected those arguments and found him guilty.

Andrade faces sentencing in July 2025, where he could receive:

Up to 20 years in prison for wire fraud

Up to 10 years for money laundering

Forfeiture of all assets tied to the fraud

His conviction marks one of the longest-running federal cryptocurrency fraud cases in U.S. history and underscores the government’s commitment to prosecuting crypto-related financial crimes.