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 verdict was reached after a five‐week trial overseen by Chief U.S. District Judge Richard Seeborg. During the proceedings, prosecutors presented evidence that Andrade misled investors regarding the cryptocurrency’s development, potential business deals, and anticipated release.
Evidence at trial revealed that Andrade, 47, of Texas, diverted more than $2 million from AML Bitcoin sales to cover personal expenses, including the purchase of two Texas properties and two luxury vehicles. Prosecutors further demonstrated that he laundered investor funds through multiple bank accounts before using them to finance his acquisitions. FBI Special Agent in Charge Sanjay Virmani emphasized the impact of Andrade’s actions:
“Marcus Andrade misled investors, manipulated trust, and exploited the promise of innovation for personal gain.”
The jury determined that Andrade falsely claimed AML Bitcoin was nearing approval for use by the Panama Canal Authority even though no such agreement existed, which enabled him to raise millions from investors.
IRS Criminal Investigation Oakland Field Office Special Agent in Charge Linda Nguyen described the scheme as deceptive;
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“Mr. Andrade’s outrageous lies lured and scammed individuals into investing their hard-earned money into a new cryptocurrency with fabricated features.”
Nguyen further criticized Andrade’s misconduct, stating, “But there is nothing advanced about this scheme. Rowland Marcus Andrade stole money from innocent people and used it to further his personal wealth.” Acting U.S. Attorney Patrick D. Robbins added, “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.”
Andrade is scheduled to be sentenced on July 22, 2025, and faces up to 20 years in prison for wire fraud and 10 years for money laundering, along with the forfeiture of assets associated with his crimes.
