A federal jury has convicted Rowland Marcus Andrade, the creator of AML Bitcoin, on charges of wire fraud and money laundering. The verdict followed a five-week trial that revealed Andrade’s fraudulent claims about the cryptocurrency’s capabilities. At 47 years old, Andrade now faces a maximum of 30 years in prison.
AML Bitcoin: False Claims And Misleading Investors
Throughout the proceedings, prosecutors detailed Andrade’s pattern of deception. He made numerous false statements regarding AML Bitcoin’s development, including claims of strategic business partnerships and collaborative ventures. Notably, he asserted that the Panama Canal Authority was on the verge of integrating AML Bitcoin as a transactional medium – a deal that never existed.
Investors were persuaded to believe they were partaking in a groundbreaking cryptocurrency equipped with robust anti-money laundering features. However, the technology and regulatory safeguards Andrade touted failed to materialize, ultimately betraying the trust of backed investors.
AML Bitcoin creator convicted of fraud and money laundering
Rowland Marcus Andrade, the creator of AML Bitcoin, has been convicted of wire fraud and money laundering in a pump-and-dump scheme tied to a 2017-2018 initial coin offering (ICO). U.S. prosecutors accused Andrade of…
— CoinNess Global (@CoinnessGL) March 13, 2025
Millions Diverted For Personal Gain
The jury’s deliberations revealed that Andrade redirected over $2 million from AML Bitcoin sales for personal benefit rather than the development of the product. Evidence showcased at the trial indicated that he engaged in a complex scheme to siphon investor funds through various bank accounts, ultimately spending the money on personal luxuries including two luxury vehicles and properties in Texas.
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Law Enforcement Calls Out Fraudulent Tactics
Officials responded sternly upon announcing the verdict. Acting U.S. Attorney Patrick D. Robbins articulated the jury’s finding that Andrade lured in unsuspecting investors with a web of lies, exploiting their trust to enrich himself personally.
FBI Special Agent in Charge Sanjay Virmani emphasized the agency’s unwavering commitment to safeguarding investors from fraudulent schemes. Meanwhile, IRS Criminal Investigation Special Agent in Charge Linda Nguyen reiterated that Andrade’s strategies to launder money were far from novel, highlighting that IRS specialists are proficient in tracing funds in financial crime cases.
Sentencing Scheduled For July 2025
Rowland Marcus Andrade is set to face sentencing on July 22, 2025. Given the severity of his crimes, he may confront a maximum of 20 years for wire fraud and 10 for money laundering. The court is likely to order Andrade to surrender assets associated with his criminal activities, including the Texas properties he purchased.
The investigation leading to this significant conviction involved collaboration between the FBI and the IRS Criminal Investigation unit, with Assistant U.S. Attorneys Christiaan Highsmith, David Ward, and Matthew Chou steering the prosecution, alongside support from Tina Rosenbaum.
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