Founder of AML Bitcoin Convicted in $5 Million Cryptocurrency Fraud Scheme

Posted on May 16th, 2025 at 1:36 PM
Founder of AML Bitcoin Convicted in $5 Million Cryptocurrency Fraud Scheme

From the desk of Jim Eccleston at Eccleston Law

A California federal jury has convicted Rowland Marcus Andrade, the founder of AML Bitcoin, on charges of wire fraud and money laundering. Bloomberg Law reports that prosecutors accused Andrade of orchestrating a $5 million scheme that misled investors about the legitimacy of AML Bitcoin and diverted funds for personal use.

Between 2017 and 2018, Andrade falsely promoted AML Bitcoin as a forthcoming tradeable cryptocurrency, claiming it was on the verge of adoption by the Panama Canal Authority for international shipping. The U.S. Department of Justice (DOJ) revealed that no such deal existed. Instead, Andrade used over $2 million from investor funds to purchase Texas properties, luxury cars, and finance lavish personal expenses.

Jack Abramoff, the former D.C. lobbyist with a history of fraud, was named as a co-conspirator in the case. Abramoff pleaded guilty in 2020 and agreed to pay over $50,000 in penalties related to the AML Bitcoin scheme.

During the trial, Andrade’s attorneys argued that he was manipulated by unscrupulous business associates, including Abramoff. They claimed he was exploited due to his good faith, hard work, and alleged mental impairments. According to Bloomberg Law, the jury rejected those arguments and found him guilty.

Andrade faces sentencing in July 2025, where he could receive:

  • Up to 20 years in prison for wire fraud
  • Up to 10 years for money laundering
  • Forfeiture of all assets tied to the fraud

His conviction marks one of the longest-running federal cryptocurrency fraud cases in U.S. history and underscores the government’s commitment to prosecuting crypto-related financial crimes.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next

You guys are good!

Mike L.

LATEST NEWS AND ARTICLES

December 22, 2025
FINRA Overhauls Arbitration Rules to Rebalance Arbitrator Selection and Codify Forum Practices

The Financial Industry Regulatory Authority (FINRA) has approved significant amendments to its Codes of Arbitration Procedure designed to rebalance public arbitrator selection, increase transparency, and formalize several long-standing practices in the arbitration forum.

December 19, 2025
Industry Groups Press Senate at Advance Financial Exploitation Prevention Act

Several industry associations are urging the U.S. Senate to pass the Financial Exploitation Prevention Act, legislation that would allow mutual fund companies and their transfer agents to delay redemptions when they reasonably suspect elder financial abuse.

December 18, 2025
UBS Warns of Rising Default Risk in Private Credit

A UBS report signals that credit stress likely will intensify next year as borrowers confront inflation, elevated interest costs, and softening consumer conditions.