In a landmark crypto crime case, Rowland Marcus Andrade, the founder and CEO of AML Bitcoin, has been convicted of wire fraud and money laundering. A federal jury in San Francisco found Andrade guilty after a five-week trial, where prosecutors revealed that he deceived investors, misrepresented his cryptocurrency’s capabilities, and laundered millions of dollars for personal luxury purchases.
A Web of Lies: How Andrade Defrauded Investors
According to court evidence, Andrade falsely claimed that AML Bitcoin was on the verge of securing approval from the Panama Canal Authority, leading investors to believe they were backing a legitimate and groundbreaking cryptocurrency. However, no such deal existed.
Instead of developing the project, Andrade funneled over $2 million from AML Bitcoin sales into personal expenditures. Prosecutors presented records showing that he purchased two properties in Texas and luxury vehicles, using investor funds that were laundered through multiple bank accounts.
“Marcus Andrade misled investors, manipulated trust, and exploited the promise of innovation for personal gain.” — FBI Special Agent in Charge Sanjay Virmani
Authorities Condemn Crypto Fraud
The case highlights the growing scrutiny of fraudulent activity in the cryptocurrency industry. IRS Criminal Investigation Oakland Field Office Special Agent in Charge Linda Nguyen described Andrade’s scheme as one built on deception:
“Mr. Andrade’s outrageous lies lured and scammed individuals into investing their hard-earned money into a new cryptocurrency with fabricated features.”
Nguyen further emphasized that crypto fraud remains a major concern, particularly when new technologies are used as bait to manipulate investors.
Acting U.S. Attorney Patrick D. Robbins echoed this sentiment:
“Fraudsters often tout new and innovative technology in order to raise money from investors. But raising money through lies and misrepresentations is neither new nor innovative. It’s unlawful, plain and simple.”
What’s Next for Andrade?
With his conviction secured, Andrade is set to be sentenced on July 22, 2025. He faces up to:
- 20 years in prison for wire fraud
- 10 years for money laundering
- Forfeiture of assets tied to his crimes
This case serves as a stark warning to investors in the crypto space, reinforcing the need for due diligence in an industry still plagued by high-profile fraud cases. As regulators continue to crack down on financial crimes, the crypto sector faces increasing pressure to ensure transparency and accountability.