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07/30 18:03

AML Bitcoin Founder Sentenced to 7 Years in Prison

AML Bitcoin Founder Sentenced to 7 Years in Prison for Cryptocurrency Fraud

Rowland Marcus Andrade was sentenced to seven years in prison for creating the cryptocurrency AML Bitcoin, which defrauded investors of $10 million. 01961fdc-1235-7f8a-80c9-70e5e4f633dc.jpeg

The founder of AML Bitcoin was sentenced to seven years in prison earlier this year for wire fraud and money laundering.

The U.S. Department of Justice said Tuesday that Rowland Marcus Andrade defrauded investors of $10 million and used $2 million of the proceeds from the sale of AML Bitcoin for personal expenses, including the purchase of real estate and luxury cars.

Prosecutors said Andrade also defrauded investors by making false statements about AML Bitcoin's technology and its business dealings. One of these statements was that he claimed the Panama Canal Authority would allow the token to be used "for ships transiting the Panama Canal," even though no such agreement existed. The sentence came after the government requested a 17-and-a-half-year prison sentence for Andrade.  In March, a California jury convicted Andrade of wire fraud and money laundering charges related to AML Bitcoin.

“The defendant repeatedly made false statements in connection with a complex cryptocurrency offering to create the appearance of a legitimate business,” said San Francisco U.S. Attorney Craig Misakian. “He exploited numerous investors who trusted him, unaware that their hard-earned funds were actually funding his lavish lifestyle. Today, Andrade finally paid the price for his greed.”

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