AML Bitcoin Creator Convicted Of Wire Fraud And Money Laundering

A federal jury has convicted Rowland Marcus Andrade, the creator of AML Bitcoin, on charges of wire fraud and money laundering. The verdict was delivered after a five-week trial in a case that exposed false claims about the cryptocurrency and its supposed technological capabilities. Andrade, 47, now faces up to 30 years in prison.

AML Bitcoin: False Claims And Misleading Investors

Prosecutors revealed that Rowland Marcus Andrade made false statements about AML Bitcoin’s development, business partnerships, and its future use. He claimed that the Panama Canal Authority was close to adopting AML Bitcoin for transactions. No such deal ever existed.

Investors were led to believe they were backing a revolutionary cryptocurrency with anti-money laundering features, but the technology Andrade promoted never materialized as promised.

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 found that Andrade misused over $2 million from AML Bitcoin sales. Instead of funding the project, he spent the money on personal expenses, including the purchase of two luxury cars and two properties in Texas. Evidence presented at trial showed that he funneled investor funds through multiple bank accounts before using them for his own benefit.

Officials involved in the case didn’t hold back in their statements. Acting US Attorney Patrick D. Robbins said Andrade lured investors with lies, only to enrich himself.

FBI Special Agent in Charge Sanjay Virmani emphasized that the agency remains committed to protecting investors from financial fraud. IRS Criminal Investigation Special Agent in Charge Linda Nguyen also weighed in, stating that Andrade’s attempts to launder money were nothing new and that IRS experts specialize in tracing funds in such cases.

Andrade will be sentenced on July 22, 2025. He faces a maximum of 20 years for wire fraud and 10 years for money laundering. The court may also order him to forfeit assets linked to the crimes, including the properties he purchased in Texas.

The case was investigated by the FBI and IRS Criminal Investigation unit. Assistant US Attorneys Christiaan Highsmith, David Ward, and Matthew Chou led the prosecution, with support from Tina Rosenbaum.

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