AML Bitcoin founder faces up to 30 years in prison for fraud and money laundering

According to News.bitcoin, a federal jury in San Francisco has convicted AML Bitcoin founder and CEO Rowland Marcus Andrade of telecommunications fraud and money laundering. Andrade will be sentenced on July 22, 2025. He will face up to 20 years in prison for telecommunications fraud, up to 10 years in prison for money laundering, and confiscation of assets related to his crimes. According to the evidence provided in the trial, Andrade, 47, from Texas, embezzled over $2 million from AML Bitcoin sales for personal expenses, including purchasing two Texas properties and two luxury cars. He launders investors' funds through various bank accounts and then uses these funds to fund his own purchases. The jury found that Andrade falsely claimed that AML Bitcoin was about to receive approval from the Panama Canal Authority, but in reality, there was no such agreement. Through these false statements, he raised millions of dollars from investors.