Tr?id=566623520170033&ev=PageView&noscript=1

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
Quotes Bigger

I have the best legal firm in the country to defend me. Awesome job!

Cindy C.

LATEST NEWS AND ARTICLES

1780507151 Law
June 3, 2026
Starwood REIT Suspends Most Redemptions Amid Liquidity Pressure

Starwood Real Estate Income Trust (SREIT) has announced a temporary suspension of its share repurchase program for most investors.

1780415363 Law
June 2, 2026
SEC Charges California Trader in Alleged $43 Million Ponzi-Like Scheme

The Securities and Exchange Commission (SEC) has filed a civil action against a California day trader accused of operating a $43 million Ponzi-like scheme that allegedly defrauded more than 400 investors.

1780328948 Law
June 1, 2026
Massachusetts Regulators Fine Fidelity $1.25 Million Over Data Breach Allegations

Massachusetts regulators has fined Fidelity Brokerage Services $1.25 million over allegations that the firm failed to adequately protect customer information and properly notify all affected individuals following a significant data breach.