news 
Rowland Marcus Andrade, founder of AML Bitcoin, has been convicted of wire fraud and money laundering.
Andrade was found to have misled investors by falsely promoting AML Bitcoin’s anti-money laundering capabilities and misused over $2 million for personal expenses. The case also implicated former Washington, D.C., lobbyist Jack Abramoff, who pleaded guilty in 2020 for his role in the fraudulent cryptocurrency scheme.
Compliant Bitcoin Was a Fiction
Launched in 2017, AML Bitcoin was marketed as a cryptocurrency with integrated anti-money laundering (AML) features, purportedly addressing regulatory concerns about Bitcoin. Andrade claimed that the coin incorporated advanced biometric technologies to prevent money laundering, attracting investors seeking compliant cryptocurrency solutions.
Investigations revealed that Andrade and Abramoff made false representations about the development and viability of AML Bitcoin, including that the Panama Canal Authority was close to permitting AML Bitcoin for use in transactions involving ships passing through the canal. As well as lying about AML Bitcoin’s merits, Andrade diverted more than $2 million from investors, using the funds to purchase two properties in Texas and two luxury automobiles.
Abramoff, a former influential lobbyist previously convicted in a federal corruption scandal, was enlisted to promote AML Bitcoin. In 2020, Abramoff pleaded guilty to charges of conspiracy and violating the Lobbying Disclosure Act for his role in the scheme, agreeing to pay more than $50,000 in disgorgement and interest.
Five-week Trial Ends in Guilty Verdict
Andrade was arrested in June 2020 along with Abramoff, and his five-week trial, presided over by Chief U.S. District Judge Richard Seeborg, ended yesterday when the California jury found him guilty of wire fraud and money laundering.
Having deliberated for a day, the jury concluded that Andrade had engaged in a scheme to defraud investors due to AML Bitcoin not possessing the features he had claimed. Acting U.S. Attorney Patrick D. Robbins commented on the case, stating, “Fraudsters often tout new and innovative technology in order to raise money from investors. But raising money through lies and misrepresentations is neither new nor innovative. It’s unlawful, plain and simple.”
Following the conviction, Andrade is scheduled for sentencing on July 22, 2025, where he faces a potential 30-year prison term.
And that’s the article!
