AML Bitcoin CEO Convicted of Fraud and Money Laundering

A San Francisco federal jury has found Rowland Marcus Andrade, the CEO and founder of AML Bitcoin, guilty of wire fraud and money laundering.

The conviction follows a five-week trial overseen by Chief U.S. District Judge Richard Seeborg, during which prosecutors demonstrated that Andrade deceived investors about the cryptocurrency’s progress, fabricated partnerships, and falsely promoted its adoption by the Panama Canal Authority.

Investor Funds Misused for Personal Gains

Evidence presented in court revealed that Andrade, 47, of Texas, funneled over $2 million from AML Bitcoin sales for personal use, rather than funding the project.

🔹 Purchased two properties in Texas
🔹 Acquired two luxury vehicles
🔹 Moved funds through multiple accounts to disguise transactions

“Marcus Andrade took advantage of investors’ trust and misrepresented his project to serve his own financial interests,” said FBI Special Agent in Charge Sanjay Virmani.

False Claims and Deception Uncovered

The jury determined that Andrade falsely stated AML Bitcoin was close to securing approval from the Panama Canal Authority, despite no such agreement existing.

🔹 Investors were misled about the cryptocurrency’s real status
🔹 Millions of dollars were raised based on fabricated business claims

“Andrade’s lies convinced people to invest in a cryptocurrency with nonexistent features,” said IRS Special Agent in Charge Linda Nguyen.
“Rather than advancing technology, he used investor funds for personal wealth.”

Upcoming Sentencing & Potential Penalties

Acting U.S. Attorney Patrick D. Robbins stressed that fraud in emerging industries follows familiar patterns:

“Scammers often use buzzwords and new technology to entice investors. However, making money through deception is nothing new—it’s simply illegal.”

Andrade is set for sentencing on July 22, 2025, where he faces:

🔹 Up to 20 years in prison for wire fraud
🔹 Up to 10 years for money laundering
🔹 Forfeiture of assets linked to his scheme

As crypto-related fraud cases continue to emerge, authorities urge investors to thoroughly research projects before committing funds.