Crypto CEO Convicted: $2M Fraud Scheme Ends in Wire Fraud, Money Laundering
A federal jury in San Francisco has found Rowland Marcus Andrade, the founder and CEO of AML Bitcoin, guilty of wire fraud and money laundering. The trial lasted five weeks and was presided over by Chief U.S. District Judge Richard Seeborg.
Prosecutors presented evidence that Andrade misled investors about the development and deals of the cryptocurrency while taking millions for himself.
According to court documents, Andrade, 47, of Texas, raised millions of dollars by telling investors AML Bitcoin was close to being approved by the Panama Canal Authority—an agreement that never existed.
Investors were led to believe they were funding a groundbreaking cryptocurrency project, but instead most of the money went into Andrade’s personal expenses, including two Texas properties and luxury vehicles.
How Andrade Executed the Multi-Million Dollar Scam
Prosecutors outlined a sophisticated scheme where Andrade laundered investor funds through various bank accounts before using them to buy lavish items. The FBI and IRS Criminal Investigation teams traced over $2 million in stolen funds to his fraudulent claims.
Key points from the trial:
- Andrade touted AML Bitcoin as a government-backed cryptocurrency with advanced security features.
- He said he had strategic partnerships with big organizations, including the Panama Canal Authority, to make it sound legitimate.
- Investors were promised high returns based on fake technological advancements.
- Most of the investor money went into personal expenses instead of cryptocurrency development.
FBI Special Agent in Charge Sanjay Virmani said, “Marcus Andrade lied to investors, manipulated trust and exploited innovation for personal gain.”
Potential Sentencing and Legal Ramifications
With his conviction, Andrade faces serious legal trouble. He could get:
- 20 years in prison for wire fraud.
- 10 years in prison for money laundering.
- Forfeiture of assets bought with fraudulent money.
Acting U.S. Attorney Patrick D. Robbins said, “Fraudsters tout new and innovative technology to raise money from investors. But raising money through lies and misrepresentations is neither new nor innovative—it’s illegal, period.”
Andrade’s sentencing is July 22, 2025. That’s the final chapter in a case that shows the dangers of fraudulent cryptocurrency schemes. The conviction is a reminder that regulatory agencies are cracking down on bogus crypto projects.
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