AML Bitcoin CEO Gets 7 Years for $10M Crypto Scam

SAN FRANCISCO – Rowland Marcus Andrade, 47, the founder and CEO of AML Bitcoin, is headed to federal prison for seven years. Chief U.S. District Judge Richard Seeborg sentenced Andrade to 84 months today for perpetrating a multi-million-dollar wire fraud and money laundering scheme that preyed on cryptocurrency investors.

A jury convicted Andrade in March 2025, following a five-week trial, finding him guilty on both counts. The scheme revolved around AML Bitcoin, a cryptocurrency Andrade falsely promoted, promising investors a revolutionary technology and lucrative business deals that never materialized. The evidence showed Andrade systematically misled potential purchasers, fabricating claims about the cryptocurrency’s development and its supposed impending integration into major logistical operations.

The grift was brazen. Andrade falsely claimed the Panama Canal Authority was on the verge of adopting AML Bitcoin for ship passage fees – a claim utterly devoid of truth. Court documents revealed Andrade siphoned off approximately $10 million from investors, diverting over $2 million into his own pockets. This ill-gotten gain funded a lavish lifestyle, including the purchase of two properties in Texas and two luxury automobiles. The jury also determined Andrade actively laundered the stolen funds through a network of bank accounts to conceal the source and facilitate his spending spree.

“The defendant made one false claim after another about a sophisticated cryptocurrency offering to create the illusion of a legitimate business,” stated United States Attorney Craig H. Missakian. “He exploited numerous investors who put their trust in him, not knowing that their hard-earned money was in fact funding his lavish lifestyle. Today, Andrade learned the price of his greed.” The case underscores the Department of Justice’s commitment to aggressively prosecuting those who corrupt financial markets, both traditional and digital.

Federal investigators painted a picture of calculated deception. “Rowland Marcus Andrade promised innovation but delivered deception,” said FBI Special Agent in Charge Sanjay Virmani. “He misled innocent people who believed they were investing in the future of digital currency. Instead, their money was used to fund his personal luxury.” IRS Criminal Investigation Special Agent in Charge Linda Nguyen added, “Mr. Andrade enriched himself by misrepresenting cryptocurrency technological advances he never delivered upon. Our agents understand the technology, see through the nefarious lies, and follow the money.”

In addition to the prison sentence, Judge Seeborg imposed a three-year period of supervised release and ordered Andrade to forfeit the proceeds of his crimes. A hearing is scheduled for September 16, 2025, to determine the exact amount of forfeiture and restitution owed to the victims. Andrade will begin serving his sentence on October 31, 2025. Assistant U.S. Attorneys Christiaan Highsmith, David Ward, Karen Beausey, and Matthew Chou, along with Tina Rosenbaum, prosecuted the case, a collaborative effort between the FBI and IRS-CI.