A federal jury in California has convicted Rowland Marcus Andrade, 47, of wire fraud and money laundering in connection with the marketing and sale of AML Bitcoin, a cryptocurrency that raised millions of dollars through false and misleading statements to investors.
According to court documents and evidence presented at trial, Andrade made false statements to the public and potential purchasers of AML Bitcoin misrepresenting the development of the technology, its viability, potential business deals, and release date.
The jury found that Andrade diverted more than $2 million in proceeds from the sale of AML Bitcoin and spent it on personal expenses, including the purchase of two properties in Texas and two luxury automobiles.
The jury also found that Andrade laundered investor funds through various bank accounts and then used the funds for his personal expenses and the purchase of the properties and automobiles.
Andrade is scheduled to appear on July 22, 2025, for sentencing. He faces a maximum penalty of 20 years in prison for the wire fraud count and 10 years in prison for the money laundering count, and forfeiture of all property that is traceable to his wire fraud and money laundering violations.
“Fraudsters often tout new and innovative technology in order to raise money from investors,” said Acting United States Attorney Patrick D. Robbins. “But raising money through lies and misrepresentations is neither new nor innovative. It’s unlawful, plain and simple.”
Andrade is the founder and CEO of AML Bitcoin, a cryptocurrency that promised to revolutionize the way money is transferred and stored. However, the jury found that Andrade’s claims were nothing more than a scam designed to raise money from unsuspecting investors.
The investigation was led by the FBI and IRS-CI, with the assistance of Assistant U.S. Attorneys Christiaan Highsmith, David Ward, and Matthew Chou.
Related Federal Cases
- Rowland Marcus Andrade, Wire Fraud and Money Laundering, California 2000 · Texas
- Edwin Emmett Lickiss Jr, Wire Fraud and Money Laundering, California 2025 · Idaho
- Charles Williams, Wire Fraud and Money Laundering, Texas 2018 · Texas
- Michael Steven Banuelos, Wire Fraud, California 2024 · Texas
- Lachwani, Wire Fraud, Securities Scam, California 2023 · Texas
Key Facts
- State: California
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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