CALIFORNIA – The U.S Department of Justice (DOJ) announced that cryptocurrency CEO Rowland Marcus Andrade was sentenced July 29 to 84 months in federal prison for wire fraud and money laundering.
Chief U.S. District Judge Richard Seeborg handed down the sentence.
After a five-week trial in March 2025, a jury found Andrade, 47, guilty of wire fraud and money laundering for falsely marketing AML Bitcoin and misleading investors about its technology.
According to trial evidence, Andrade misled the public about AML Bitcoin’s technology, business deals, and release timeline. He falsely claimed AML Bitcoin was nearing approval for use in the Panama Canal, though no such deal existed.
Court records show Andrade defrauded crypto investors of about $10 million. He spent over $2 million in AML Bitcoin funds on personal expenses, including properties in Texas and luxury cars.
The jury found Andrade laundered investor funds through bank accounts, using them for personal expenses, properties, and cars.
FBI Special Agent in Charge Sanjay Virmani said Andrade promised innovation but delivered deception.
“He misled innocent people who believed they were investing in the future of digital currency. Instead, their money was used to fund his personal luxury,” said Virmani.
Andrade begins serving his sentence October 31
Seeborg also sentenced Andrade to three years of supervised release and ordered forfeiture of his fraudulent proceeds.
A hearing is set for September 16, 2025, to decide forfeiture and restitution amounts.
Andrade’s sentence begins October 31, 2025.
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