Cryptocurrency Entrepreneur Convicted of Wire Fraud and Money Laundering

A federal jury in California convicted cryptocurrency entrepreneur Rowland Marcus Andrade of wire fraud and money laundering related to the AML Bitcoin token sale.

• The charges arose from an initial coin offering Andrade conducted in 2017-2018.
• Andrade misled investors by claiming AML Bitcoin tokens would convert into a non-existent cryptocurrency.
• The case is one of the first major "pump-and-dump" prosecutions involving U.S. federal authorities.
• Jack Abramoff, a co-conspirator, pleaded guilty in 2020, paying over $50,000 in penalties.
• Andrade allegedly misappropriated over $2 million for personal expenses, including luxury properties and vehicles.
• He falsely claimed that the Panama Canal Authority was close to allowing AML Bitcoin usage.
• Andrade faces potential sentences of up to 30 years in prison and forfeiture of assets.

Sentencing is scheduled for July.