The founder of AML Bitcoin faces up to 30 years in prison for telecommunications fraud and money laundering

2025-03-16 13:56:12

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ChainCatcher news, according to News.bitcoin, a San Francisco federal jury found AML Bitcoin founder and CEO Rowland Marcus Andrade guilty of wire fraud and money laundering. Andrade is scheduled to be sentenced on July 22, 2025. He faces up to 20 years in prison for wire fraud and up to 10 years for money laundering, along with the forfeiture of assets related to his crimes.

According to evidence presented at trial, 47-year-old Andrade from Texas misappropriated over $2 million from AML Bitcoin sales for personal expenses, including the purchase of two properties in Texas and two luxury cars. He laundered investors' funds through various bank accounts and then used that money to finance his purchases. The jury found that Andrade falsely claimed that AML Bitcoin was about to receive approval from the Panama Canal Authority, but no such agreement existed. Through these false statements, he raised millions of dollars from investors.

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