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AML Bitcoin founder lands jail term for $10M crypto fraud after FBI, IRS investigation
The post AML Bitcoin founder lands jail term for $10M crypto fraud after FBI, IRS investigation appeared on BitcoinEthereumNews.com. Rowland Marcus Andrade, the founder of AML Bitcoin, will serve a jail term of 84 months for wire fraud and money laundering. The sentence is linked to a $10 million crypto scam. However, the sentencing follows a five-week trial that concluded in March 2025. According to US prosecutors, Andrade misrepresented AML Bitcoin’s capabilities and promoted fake deals. This includes a completely fabricated claim that the Panama Canal Authority would adopt the token for shipping payments. Meanwhile, no such deal existed, and investors were led to believe they were backing a sophisticated anti-money-laundering crypto innovation. AML Bitcoin founder misled investors In the name of developing tech, Andrade funneled more than $2 million of investor funds into luxury personal expenses. This involves buying two Texas properties and high-end cars while laundering the money through a network of bank accounts. In addition to prison, Andrade faces three years of supervised release. However, a court hearing in September will determine the final forfeiture and restitution amounts. He is scheduled to begin serving his sentence on October 31, 2025. The case was investigated by the FBI and IRS. The prosecution was led by the US Attorney’s Office for the Northern District of California and the Department of Justice’s Criminal Division. US Attorney Craig Missakian, while condemning the scheme, mentioned that the defendant made one false claim after another to create the illusion of a legitimate business. FBI Special Agent in Charge Sanjay Virmani highlighted that Andrade promised innovation but delivered deception. He added that the agency is committed to protecting the public from financial fraud and ensuring justice. FBI seizes $2.4M in Bitcoin Recently, the FBI made a clean sweep by seizing over 20 Bitcoins (worth $2.4 million) linked to a ransomware affiliate called “Hors”. This is believed to be part of the Chaos gang,…
The post AML Bitcoin founder lands jail term for $10M crypto fraud after FBI, IRS investigation appeared on BitcoinEthereumNews.com.
Rowland Marcus Andrade, the founder of AML Bitcoin, will serve a jail term of 84 months for wire fraud and money laundering. The sentence is linked to a $10 million crypto scam. However, the sentencing follows a five-week trial that concluded in March 2025. According to US prosecutors, Andrade misrepresented AML Bitcoin’s capabilities and promoted fake deals. This includes a completely fabricated claim that the Panama Canal Authority would adopt the token for shipping payments. Meanwhile, no such deal existed, and investors were led to believe they were backing a sophisticated anti-money-laundering crypto innovation. AML Bitcoin founder misled investors In the name of developing tech, Andrade funneled more than $2 million of investor funds into luxury personal expenses. This involves buying two Texas properties and high-end cars while laundering the money through a network of bank accounts. In addition to prison, Andrade faces three years of supervised release. However, a court hearing in September will determine the final forfeiture and restitution amounts. He is scheduled to begin serving his sentence on October 31, 2025. The case was investigated by the FBI and IRS. The prosecution was led by the US Attorney’s Office for the Northern District of California and the Department of Justice’s Criminal Division. US Attorney Craig Missakian, while condemning the scheme, mentioned that the defendant made one false claim after another to create the illusion of a legitimate business. FBI Special Agent in Charge Sanjay Virmani highlighted that Andrade promised innovation but delivered deception. He added that the agency is committed to protecting the public from financial fraud and ensuring justice. FBI seizes $2.4M in Bitcoin Recently, the FBI made a clean sweep by seizing over 20 Bitcoins (worth $2.4 million) linked to a ransomware affiliate called “Hors”. This is believed to be part of the Chaos gang,…
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