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Rowland Marcus Andrade Sentenced for Fraudulent AML Bitcoin Scheme
Rowland Marcus Andrade, the creator of AML Bitcoin, has been sentenced to seven years in prison for wire fraud and money laundering, following a conviction that deceived investors out of approximately US$10 million (AU$15.2 million). This sentencing was revealed by the US Department of Justice on Tuesday.
Details of the Fraud
Andrade misled investors by making false claims about AML Bitcoin’s capabilities, including supposed endorsements from significant entities such as the Panama Canal Authority. He claimed that the authority would accept AML Bitcoin as a payment method for vessels transiting the canal, despite there being no such agreement.
In his attempts to portray AML Bitcoin as a legitimate and compliant cryptocurrency option, Andrade created an extensive array of misleading statements about its features. His fraudulent activities did not only misguide investors but also undermined the project’s supposed commitment to combating money laundering, ironic given its foundational principles.
Lavish Spending on Luxuries
In addition to the fraud, court documents revealed Andrade misappropriated over US$2 million (AU$3.1 million) from investors for personal expenses. These expenditures included luxury vehicles and two properties located in Texas.
Sentencing Timeline
Andrade’s prison sentence will commence on October 31, 2025. Prior to that, a court hearing on September 16, 2025, will determine the amount of restitution owed to victims and any potential forfeiture of Andrade’s assets. While prosecutors sought a more severe sentence of over 17 years, the seven-year term reflects a compromise; it exceeds the two years requested by Andrade’s defence team.
This case serves as a cautionary tale within the cryptocurrency landscape, highlighting the vulnerabilities of investors to deceptive practices and the importance of due diligence in investment activities.
