AML Bitcoin Founder Sentenced to Seven Years in Prison for Crypto Fraud
The founder of the failed cryptocurrency AML Bitcoin, Rowland Marcus Andrade, has been sentenced to seven years in federal prison for defrauding investors and laundering millions of dollars tied to the token’s initial coin offering.
The founder of the failed cryptocurrency AML Bitcoin, Rowland Marcus Andrade, has been sentenced to seven years in federal prison for defrauding investors and laundering millions of dollars tied to the token.
According to the U.S. Department of Justice (DOJ), Andrade raised approximately $10 million from investors during the sale of AML Bitcoin but diverted at least $2 million of those funds for personal use, including real estate purchases and luxury vehicles.
Rowland Andrade, founder of AML Bitcoin, was sentenced to 84 months in prison for making false representations to investors that netted him $10 million in fraudulent proceeds.
Click below to read more about this #IRSCI Oakland field office case.
— IRS Criminal Investigation (@IRS_CI) July 29, 2025
The sentence, handed down this week, follows Andrade’s conviction in March by a California jury on multiple counts of wire fraud and money laundering. Prosecutors had requested a much harsher sentence of 17.5 years, while Andrade’s legal team had pushed for just two years behind bars.
Federal prosecutors said Andrade misled investors by promoting false claims about the token’s underlying technology and supposed high-profile partnerships. One such fabrication included asserting that the Panama Canal Authority had agreed to accept AML Bitcoin for vessel payments—an agreement that did not exist.
The court also ordered Andrade to forfeit assets acquired through the fraud, with restitution amounts to be determined during a separate hearing scheduled for September 16. These assets will be used to reimburse victims of the scheme. Andrade is expected to report to prison on October 31.
The case also brought renewed scrutiny to political lobbyist Jack Abramoff, who promoted AML Bitcoin in 2020. Abramoff was ordered to pay $55,000 in disgorgement and permanently banned from participating in future securities offerings. He had previously pleaded guilty to separate charges of fraud, conspiracy, and tax evasion in a high-profile corruption scandal involving Native American casino interests.
Meanwhile, a related SEC civil case against Andrade—put on hold in 2021 pending the outcome of the criminal trial—could resume soon, as the agency is now able to seek a status hearing within 30 days of the criminal case’s resolution.
Meanwhile, US prosecutors in the criminal trial of Tornado Cash co-founder Roman Storm concluded their arguments on Thursday, following testimony from an Internal Revenue Service (IRS) agent linking Storm to transactions on major crypto exchanges.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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