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 47-year-old from Texas was charged with deceiving investors and misappropriating millions of dollars under false pretenses.
Prosecutors revealed that Andrade misled investors by falsely claiming that AML Bitcoin, a cryptocurrency company he founded, featured cutting-edge anti-money laundering technology and was about to be adopted by the Panama Canal Authority. In reality, no such agreement existed between the Panama Canal Authority and AML Bitcoin.
Through these fraudulent claims, Andrade raised millions, using over $2 million of the funds for personal expenditures, such as purchasing two luxury cars and two properties in Texas. Federal investigators traced the funds through various bank accounts, which led to the financial fraud charges.
During the trial, it was disclosed that Andrade laundered the funds by funneling them through a series of financial transactions to hide the illicit source of the money used to fund his extravagant lifestyle. The jury determined that his deceptive claims about AML Bitcoin’s technological advancements and its fabricated deal with the Panama Canal Authority were key in securing investments from unsuspecting individuals.
Acting US Attorney Patrick D. Robbins underscored the seriousness of Andrade’s actions, stressing that exploiting investors for personal gain would not go unpunished. “The conviction of Rowland Marcus Andrade serves as a strong message that those who engage in fraudulent schemes to deceive investors will face accountability,” Robbins stated.
FBI and IRS officials also expressed their commitment to maintaining the integrity of financial markets. “Fraudulent schemes like this undermine the trust investors place in the market, and we will continue to relentlessly work to protect investors from such exploitation,” an FBI statement read.
Andrade is set to be sentenced on July 22, 2025, and could face up to 30 years in prison. Additionally, his illicitly acquired assets, including luxury properties and vehicles, are subject to forfeiture.
This conviction represents a significant win for federal authorities in their ongoing efforts to combat financial fraud within the cryptocurrency sector.
