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- Rowland Marcus Andrade gets 84 months in federal prison for fraud and money laundering.
- He misused over $2 million from investors to buy property and luxury cars.
- The court will decide restitution and forfeiture in September 2025.
A federal court in San Francisco sentenced Rowland Marcus Andrade, founder and CEO of AML Bitcoin, to seven years in prison. The decision followed a five-week trial where jurors found him guilty of wire fraud and money laundering.
The charges stemmed from being involved in a racket that defrauded the investors and gained millions of dollars through false means. Andrade sold a high-tech currency. He convinced the investors that AML Bitcoin had cutting-edge capabilities, including effective anti-money laundering capabilities. He asserted that the world’s partners, including the Panama Canal Authority, would utilize the coin.
These assurances gave confidence and attracted genuine investment. But such promises turned out to be illusions. Investigators proved that such agreements never occurred. Technology was not close to commercialization. However, Andrade continued fundraising for investors through false representations.
Bitcoin Scam Uncovered by FBI and IRS Agents
The court was informed how Andrade had swindled the investors of nearly $10 million. He had not used the amount for funding AML Bitcoin but instead used more than $2 million for his own benefit. He purchased two residences in the state of Texas and two high-end automobiles.
The evidence also showed how he moved the money from one bank account toanother. It became less traceable. However, the trail was later found by the FBI and the IRS officers. They traced the money, related records, and had a strong case that inclined towards willful breaches.
The trial shows how financial crime within the cryptocurrency market remains of grave legal concern. The federal government regards such issues a priority, not least as digital currency becomes increasingly popular among ordinary investors.
Andrade Faces Prison, Fines, and Asset Forfeiture
In addition to prison years, Andrade is also liable for supervised release and financial fines. The hearing will be on September 16, 2025. In that hearing, the amount of what Andrade would repay and the amount of his belongings that he would surrender would be settled. The prosecutors had helped the federal officers bring the case to trial.
Their task was to restore faith in digital currency markets and protect investors from further losses. They also signaled they will not look the other way on false representations, especially in emerging industries. Andrade will be sending reports to federal prison later this month. The ruling is a reminder: when tech is used as cover for a racket, there will be consequences.
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