AML Bitcoin founder Rowland Marcus Andrade bags 7 years for $10M crypto fraud

AML Bitcoin founder Rowland Marcus Andrade will spend the next seven years in federal prison after a California jury found him guilty of wire fraud and money laundering in March.

The U.S. Department of Justice (DOJ) revealed that Andrade swindled investors out of $10 million, diverting $2 million to fund luxury real estate, cars, and personal expenses.

“The defendant made one false claim after another about a sophisticated cryptocurrency offering to create the illusion of a legitimate business,” said U.S. Attorney Craig Missakian. “He exploited investors who trusted him, not knowing their money funded his lavish lifestyle.”

The case underscores growing regulatory scrutiny of fraudulent crypto projects, particularly those misrepresenting partnerships or technology.

AML Bitcoin founder Rowland Marcus Andrade falsely claimed the token would be adopted by the Panama Canal Authority—a deal that never existed.

Prosecutors sought 17-year sentence; victims await restitution

While AML Bitcoin founder Rowland Marcus Andrade received a seven-year term, prosecutors had pushed for a 17.5-year sentence, citing the scheme’s deliberate deception and financial harm. The DOJ emphasized Andrade’s “greed” as a driving factor, with victims including retail investors and institutions.

A September 16 hearing will determine restitution amounts via asset forfeiture. Among seized items are properties and vehicles bought with stolen funds.

AML Bitcoin founder Rowland Marcus Andrade will begin his prison term on October 31, followed by three years of supervised release.

“Today, Andrade learned the price of his greed,” added Missakian.

Lobbyist Jack Abramoff’s role in promoting AML Bitcoin

The scandal also entangled Jack Abramoff, a disgraced lobbyist previously convicted in a Native American casino bribery case. Abramoff was fined $55,000 and banned from securities offerings after promoting AML Bitcoin in 2020.

Legal experts note the case reflects broader crackdowns on crypto fraud. “False claims about blockchain adoption are a red flag for regulators,” said Sarah Brennan, a securities lawyer at Clifford Chance. “The DOJ is sending a clear message with this sentencing.”

What’s next for AML Bitcoin investors?

With AML Bitcoin founder Rowland Marcus Andrade’s criminal case resolved, the SEC may revive its 2021 lawsuit, paused pending this trial. Investors can petition for restitution, though recovery prospects remain uncertain.

The case mirrors recent actions against projects like OneCoin and BitConnect, highlighting risks in unvetted crypto ventures. For AML Bitcoin founder Rowland Marcus Andrade, the fallout serves as a cautionary tale for the industry.