Rowland Marcus Andrade, founder and CEO of AML Bitcoin, has been sentenced to seven years in prison for multi-million dollar fraud and money laundering.
Andrade's Sentencing
The U.S. Attorney’s Office confirmed that Andrade was found guilty of orchestrating a fraudulent scheme that defrauded investors of over $10 million. Chief Judge Seeborg also sentenced him to three years of supervised release and ordered him to pay a forfeiture equivalent to the funds obtained through the deceptive sale.
How the Fraud Occurred
Andrade misled the public with false statements regarding the development, use cases, and release date of AML Bitcoin. He raised over $5 million during the ICO at the end of 2017 and early 2018, with more than $2 million spent on personal expenses, including two properties in Texas and two luxury cars.
Consequences and Further Actions
A hearing to determine the total amount of forfeiture and restitution owed to the victims is scheduled for September 16. U.S. Attorney Craig H. Missakian emphasized the importance of combating fraud undermining the integrity of financial markets.
Rowland Andrade's sentencing marks a significant event in the fight against financial crimes in the cryptocurrency space and highlights the need for oversight and regulation in this field.
