Rowland Marcus Andrade, the mastermind behind AML Bitcoin, is going to prison. A jury found him guilty of wire fraud and money laundering after a five-week trial. He could face up to 30 years behind bars.
A Cryptocurrency Scam
Andrade’s scheme involved a lot of lies. He told investors that AML Bitcoin was a revolutionary cryptocurrency with amazing anti-money laundering technology and that the Panama Canal Authority was about to use it. None of that was true. He essentially ran a “pump and dump” scheme, inflating the value of the cryptocurrency before selling it off.
Millions Misused
The jury found that Andrade pocketed over $2 million from investors. Instead of using the money to develop AML Bitcoin, he bought luxury cars and Texas properties. He cleverly moved the money through various bank accounts to hide his actions.
Law Enforcement Response
Law enforcement officials were not happy. They called out Andrade’s deceptive tactics and emphasized their commitment to protecting investors from similar scams. The FBI, IRS Criminal Investigation, and the US Attorney’s office all played a role in bringing him to justice. They successfully tracked the flow of the stolen money.
What’s Next?
Andrade’s sentencing is scheduled for July 22, 2025. He’ll likely lose the assets he bought with the stolen money. This case serves as a warning about the risks of investing in cryptocurrencies without proper due diligence.
