AML Bitcoin Founder Convicted of Fraud and Money Laundering Charges

# Crypto Entrepreneur Rowland Marcus Andrade Convicted of Fraud and Money Laundering [Wall Street Correspondent - Andrea Yoon] Rowland Marcus Andrade, the founder of AML Bitcoin cryptocurrency, has been convicted of fraud and money laundering charges. This verdict was reported by Cryptopolitan on the 13th of the month, following a five-week jury trial in the Northern District Court of California. According to the report, Andrade made false claims during the AML Bitcoin fundraising process in 2017 and 2018. These claims included assertions that AML Bitcoin was technologically superior to Bitcoin and that the Panama Canal Authority planned to adopt AML Bitcoin as a payment method for tolls. However, AML Bitcoin was never actually launched. # Andrade Deceives Investors with "Outrageous Lies" Evidence presented at trial showed that Andrade laundered investor funds through various bank accounts and used more than $2 million for personal expenses. The expenditures included real estate and luxury cars. Linda Nguyen, Special Agent with the IRS, stated, "Andrade's outrageous lies led individuals to invest their hard-earned money in a falsely represented cryptocurrency. There was no progressive technology in this scam. He used innocent people's money to build his wealth." Andrade is scheduled for sentencing this July and faces up to 20 years in prison for fraud and up to 10 years for money laundering. His unlawfully acquired assets are also expected to be confiscated. # SEC Files Fraud and Securities Law Violation Charges Against Andrade The U.S. Securities and Exchange Commission (SEC) has filed a civil lawsuit against Andrade in the same court for fraud and unregistered securities sales. This case was paused during the criminal proceedings in 2021. The SEC's charges involve the NAC Foundation, the issuer of AML Bitcoin, Andrade, and political lobbyist Jack Abramoff. The charges allege that they raised $5.6 million from 2,400 investors and that Andrade misappropriated $1.1 million for personal use. Abramoff acted as Andrade's collaborator. Andrade and Abramoff are accused of violating anti-fraud and securities registration laws, with Abramoff additionally charged with broker registration violations. Abramoff has pled guilty and has returned over $50,000 in illicit gains. Previously, Abramoff served as a Republican lobbyist and completed four years of a six-year sentence for corruption charges. His story inspired the film “Casino Jack.”