03/19/2025

Cryptocurrency founder and CEO convicted of wire fraud and money laundering in connection with marketing and sale of AML bitcoin

IRS

SAN FRANCISCO — A federal jury today convicted Rowland Marcus Andrade of wire fraud and money laundering in connection with the fraudulent marketing and sale of a cryptocurrency called AML Bitcoin, a scheme that raised millions of dollars through false and misleading statements to investors about the cryptocurrency and the purported technology behind it. The jury reached its verdict following a five-week trial before Chief U.S. District Judge Richard Seeborg.

According to court documents and evidence presented at trial, Andrade of Texas, made false statements to the public and potential purchasers of AML Bitcoin misrepresenting the development of the technology, its viability, potential business deals, and release date. Andrade falsely claimed, among other misrepresentations, that the Panama Canal Authority was close to permitting AML Bitcoin to be used for ships passing through the Panama Canal when no such agreement existed.

According to the evidence presented at trial, Andrade diverted more than $2 million in proceeds from the sale of AML Bitcoin and spent it on personal expenses, including the purchase of two properties in Texas and two luxury automobiles. The jury also found that Andrade laundered investor funds through various bank accounts and then used the funds for his personal expenses and the purchase of the properties and automobiles.