Rowland Marcus Andrade, the founder and CEO of AML Bitcoin, was today sentenced to 84 months in federal prison for wire fraud and money laundering. The sentence comes after a jury found the 47-year-old guilty at the conclusion of a five-week trial.
The scheme, which Andrade masterminded, involved fraudulent marketing and sale of AML Bitcoin, raising millions through false claims about the cryptocurrency’s technology and potential business deals. According to court documents, Andrade defrauded investors out of approximately $10 million, using over $2 million for personal expenses like property purchases in Texas.
U.S. Attorney Craig H. Missakian commented on the case, emphasizing the commitment to prosecute those who undermine financial markets. FBI Special Agent in Charge Sanjay Virmani highlighted the FBI’s dedication to protecting the public from financial fraud and ensuring justice for victims.
Linda Nguyen of IRS-CI noted that Andrade promised innovation but delivered deception, using investors’ money for personal luxury. Besides his prison term, Andrade is also facing supervised release and ordered to pay forfeiture representing the fraudulent proceeds obtained from his crimes.
The court has scheduled a hearing on September 16, 2025, to determine the amount of forfeiture and restitution owed to victims, with Andrade set to begin serving his sentence on October 31, 2025. The prosecution was led by Assistant U.S. Attorneys Christiaan Highsmith, David Ward, Karen Beausey, and Trial Attorney Matthew Chou.
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Key Facts
- State: California
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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