A federal jury has convicted Rowland Marcus Andrade, the creator of AML Bitcoin, on costs of wire fraud and cash laundering. The decision was delivered after a five-week trial in a case that uncovered false claims in regards to the cryptocurrency and its supposed technological capabilities. Andrade, 47, now faces as much as 30 years in jail.
AML Bitcoin: False Claims And Deceptive Traders
Prosecutors revealed that Rowland Marcus Andrade made false statements about AML Bitcoin’s growth, enterprise partnerships, and its future use. He claimed that the Panama Canal Authority was near adopting AML Bitcoin for transactions. No such deal ever existed.
Traders had been led to consider they had been backing a revolutionary cryptocurrency with anti-money laundering options, however the expertise Andrade promoted by no means materialized as promised.
AML Bitcoin creator convicted of fraud and cash laundering
Rowland Marcus Andrade, the creator of AML Bitcoin, has been convicted of wire fraud and cash laundering in a pump-and-dump scheme tied to a 2017-2018 preliminary coin providing (ICO). U.S. prosecutors accused Andrade of…
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Thousands and thousands Diverted For Private Acquire
The jury discovered that Andrade misused over $2 million from AML Bitcoin gross sales. As a substitute of funding the undertaking, he spent the cash on private bills, together with the acquisition of two luxurious automobiles and two properties in Texas. Proof offered at trial confirmed that he funneled investor funds by a number of financial institution accounts earlier than utilizing them for his personal profit.
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Regulation Enforcement Calls Out Fraudulent Ways
Officers concerned within the case didn’t maintain again of their statements. Performing US Lawyer Patrick D. Robbins stated Andrade lured traders with lies, solely to counterpoint himself.
FBI Particular Agent in Cost Sanjay Virmani emphasised that the company stays dedicated to defending traders from monetary fraud. IRS Legal Investigation Particular Agent in Cost Linda Nguyen additionally weighed in, stating that Andrade’s makes an attempt to launder cash had been nothing new and that IRS consultants focus on tracing funds in such circumstances.
Sentencing Scheduled For July 2025
Andrade will probably be sentenced on July 22, 2025. He faces a most of 20 years for wire fraud and 10 years for cash laundering. The court docket may order him to forfeit belongings linked to the crimes, together with the properties he bought in Texas.
The case was investigated by the FBI and IRS Legal Investigation unit. Assistant US Attorneys Christiaan Highsmith, David Ward, and Matthew Chou led the prosecution, with help from Tina Rosenbaum.
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