Rowland Marcus Andrade was sentenced to 84 months in federal prison for wire fraud and money laundering. A jury found him guilty of fraudulent marketing and sale of AML Bitcoin, raising millions through misleading statements to investors. Andrade misrepresented the cryptocurrency's technology, business deals, and misleadingly claimed an agreement with the Panama Canal Authority. He defrauded investors of approximately $10 million, diverting over $2 million to personal expenses like luxury properties and cars, laundering funds through various bank accounts.
Andrade made false statements to the public and potential purchasers of AML Bitcoin misrepresenting the development of the technology, its viability, potential business deals, and release date.
Among other misrepresentations, Andrade falsely claimed that the Panama Canal Authority was close to permitting AML Bitcoin to be used for ships passing through the Panama Canal when no such agreement existed.
Court documents and evidence presented at trial established that Andrade defrauded cryptocurrency investors out of approximately $10 million.
He exploited numerous investors who put their trust in him, not knowing that their hard-earned money was in fact funding his lavish lifestyle.
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