SAN FRANCISCO – Cryptocurrency founder and CEO Rowland Marcus Andrade was sentenced immediately to 84 months in federal jail for wire fraud and cash laundering. Chief U.S. District Decide Richard Seeborg handed down the sentence.
On the conclusion of a five-week trial in March 2025, a jury discovered Andrade, 47, guilty of wire fraud and cash laundering in reference to the fraudulent advertising and marketing and sale of a cryptocurrency known as AML Bitcoin, a scheme that raised hundreds of thousands of {dollars} via false and deceptive statements to buyers concerning the cryptocurrency and the purported expertise behind it.
In line with courtroom paperwork and proof introduced at trial, Andrade made false statements to the general public and potential purchasers of AML Bitcoin misrepresenting the event of the expertise, its viability, potential enterprise offers, and launch date. Amongst different misrepresentations, Andrade falsely claimed that the Panama Canal Authority was near allowing AML Bitcoin for use for ships passing via the Panama Canal when no such settlement existed.
Courtroom paperwork and proof introduced at trial established that Andrade defrauded cryptocurrency buyers out of roughly $10 million. Andrade diverted greater than $2 million in proceeds from the sale of AML Bitcoin and spent it on private bills, together with the acquisition of two properties in Texas and two luxurious vehicles. The jury additionally discovered that Andrade laundered investor funds via a collection of financial institution accounts after which used the funds for his private bills and the acquisition of the properties and vehicles.
“The defendant made one false declare after one other a few subtle cryptocurrency providing to create the phantasm of a reliable enterprise. He exploited quite a few buyers who put their belief in him, not realizing that their hard-earned cash was actually funding his lavish life-style. At present, Andrade realized the worth of his greed,” mentioned United States Legal professional Craig H. Missakian. “This case emphasizes my Workplace’s ongoing dedication to prosecuting anybody who undermines the integrity of conventional monetary or digital asset markets.”
“Rowland Marcus Andrade promised innovation however delivered deception. He misled harmless individuals who believed they have been investing sooner or later of digital foreign money. As an alternative, their cash was used to fund his private luxurious,” mentioned FBI Particular Agent in Cost Sanjay Virmani. “The FBI stays dedicated to defending the general public from monetary fraud and making certain justice for many who have been harmed.”
“At present’s sentencing of Rowland Marcus Andrade is one other definitive assertion about how white-collar crime doesn’t pay. Mr. Andrade enriched himself by misrepresenting cryptocurrency technological advances he by no means delivered upon,” mentioned IRS Prison Investigation (IRS-CI) Oakland Subject Workplace Particular Agent in Cost Linda Nguyen. “IRS-CI brokers perceive the expertise, see via the nefarious lies, and observe the cash. Our dedication to defending people from monetary fraud is unwavering.”
In addition to the jail time period, Chief Decide Seeborg additionally sentenced the defendant to a three-year interval of supervised launch and ordered that the defendant pay forfeiture representing the quantity of fraudulent proceeds obtained from his crimes. The courtroom ordered a listening to on Sept. 16, 2025, to find out the quantity of forfeiture and the quantity of restitution owed to victims of Andrade’s crimes. Andrade will start serving his sentence on Oct. 31, 2025.
Assistant U.S. Attorneys Christiaan Highsmith, David Ward, and Karen Beausey and Trial Legal professional Matthew Chou are prosecuting the case with the help of Tina Rosenbaum. The prosecution is the end result of an investigation by the FBI and IRS-CI.
