In the US District Court for the Northern District of California, AML Bitcoin creator Rowland Marcus Andrade has been found guilty of two felony counts related to fraud and money laundering.
Trial and Verdict
On March 12, in the US District Court for the Northern District of California, Rowland Marcus Andrade was found guilty of two criminal counts as part of a scheme to defraud investors. He was initially charged in June 2020 along with a civil case filed by the SEC against the AML Bitcoin creator and the NAC Foundation.
SEC Charges and Jack Abramoff's Involvement
The SEC’s civil case against Andrade gained attention due to political lobbyist Jack Abramoff's involvement, who previously served time for fraud. In January 2021, a judge agreed to pause the SEC lawsuit until Andrade’s criminal case concluded, which now may proceed again.
Consequences for the AML Bitcoin Creator
Andrade faces up to 20 years in prison for the fraud count and up to 10 years for money laundering. His sentencing hearing is scheduled for July 22. He has remained free on a $75,000 bond since 2020 with travel restrictions.
The case against Andrade underscores the importance of regulatory compliance in the cryptocurrency space and the potential legal repercussions for founders and investors.
