A federal jury in San Francisco has convicted Rowland Marcus Andrade, the CEO of AML Bitcoin, of wire fraud and money laundering after prosecutors demonstrated that he misled investors and diverted millions of dollars for personal luxury purchases.
The ruling follows a five-week trial before Chief U.S. District Judge Richard Seeborg, marking a major legal victory for federal authorities cracking down on cryptocurrency fraud.
Andrade, 47, of Texas, falsely claimed that AML Bitcoin was on the verge of adoption by major institutions, including the Panama Canal Authority.
Prosecutors presented evidence that no such agreement existed, yet Andrade used these claims to lure investors into purchasing the cryptocurrency. He also misrepresented the technology’s viability, boasting that AML Bitcoin would incorporate biometric security features to prevent money laundering.
The fraud extended beyond misleading statements. Andrade ran a deceptive marketing campaign, convincing investors that AML Bitcoin was a revolutionary cryptocurrency designed to comply with anti-money laundering and financial crime laws worldwide.
His LinkedIn profile described the digital asset as “perhaps the first and possibly only coin” to fully comply with such regulations. However, prosecutors demonstrated that the cryptocurrency never reached the promised technological milestones.
According to trial evidence, Andrade diverted more than $2 million in investor funds for personal use, purchasing two properties in Texas and two luxury automobiles. Instead of using the funds to develop AML Bitcoin, he laundered the money through multiple bank accounts before spending it on real estate and high-end vehicles.
“Fraudsters often tout new and innovative technology in order to raise money from investors,”
Said Acting U.S. Attorney Patrick D. Robbins.
“But raising money through lies and misrepresentations is neither new nor innovative. It’s unlawful, plain and simple.”
Special Agent in Charge Sanjay Virmani of the FBI emphasized the severity of Andrade’s actions. “Marcus Andrade misled investors, manipulated trust, and exploited the promise of innovation for personal gain,” he said.
Co-Conspirators and Legal Fallout
Defense attorneys attempted to shift blame onto others involved with AML Bitcoin, including former Washington lobbyist Jack Abramoff. Abramoff, a central figure in a previous D.C. lobbying scandal, pleaded guilty in 2020 to wire fraud conspiracy charges related to the project and was ordered to pay more than $50,000 in disgorgement and interest.
During trial proceedings, Andrade’s attorney argued that his client had been “swimming with the sharks” in a fraudulent ecosystem beyond his actions.
IRS Criminal Investigation Oakland Field Office Special Agent in Charge Linda Nguyen underscored the scale of the fraud:
“Mr. Andrade’s outrageous lies lured and scammed individuals into investing their hard-earned money into a new cryptocurrency with fabricated features. But there is nothing advanced about this scheme. Rowland Marcus Andrade stole money from innocent people and used it to further his personal wealth.”
Andrade is scheduled to be sentenced on July 22, 2025. He faces up to 20 years in prison for wire fraud and 10 years for money laundering. The court has also ordered the forfeiture of all property linked to his crimes, including the Texas real estate purchases made with investor funds.
The case was prosecuted by Assistant U.S. Attorneys Christiaan Highsmith, David Ward, and Matthew Chou, with investigative support from the FBI and IRS-CI.