Cryptocurrency Scam AML Bitcoin Mastermind Sentenced to Seven Years in Prison

On July 29, the founder and CEO of AML Bitcoin, Rowland Marcus Andrade, was sentenced to seven years in prison in the United States for wire fraud and money laundering.

Andrade, 47, committed criminal activity in connection with a cryptocurrency called AML Bitcoin. The cryptocurrency raised millions of dollars from investors with fraudulent promotions and sales.

Court documents and evidence show that Andrade used false or misleading statements to introduce investors to the cryptocurrency or the purported technology behind it.

Andrade misrepresented to the public and potential buyers AML Bitcoin's viability, development , potential business deals, and release date. He even stated that the Panama Canal Authority would only allow AML Bitcoin to be used by ships traveling through the Panama Canal, which is not true.

According to the court, Andrade scammed about $10 million from cryptocurrency investors and diverted more than two million dollars of that amount for personal expenses, including the purchase of real estate and luxury cars. Additionally, he used bank accounts to conduct money laundering activities and then spent it for personal expenses.

Andrade was sentenced to seven years in prison for his crimes. In addition, the judge sentenced him to a three-year period of supervised release and required him to pay a fine presenting the amount equal to the proceeds of his crimes.

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