A federal jury in San Francisco has convicted Rowland Marcus Andrade, the founder and CEO behind AML Bitcoin, of wire fraud and money laundering. The verdict follows a five-week trial before Chief U.S. District Judge Richard Seeborg, during which prosecutors demonstrated that Andrade misled investors about the cryptocurrency’s development, potential business deals, and its expected release.

According to evidence presented at trial, Andrade, 47, of Texas, diverted over $2 million from AML Bitcoin sales for personal expenses, including purchasing two Texas properties and two luxury vehicles. Prosecutors also showed that he laundered investor funds through various bank accounts before using them to finance his purchases. FBI Special Agent in Charge Sanjay Virmani highlighted the impact of Andrade’s actions:

Marcus Andrade misled investors, manipulated trust, and exploited the promise of innovation for personal gain.

The jury determined that Andrade falsely claimed AML Bitcoin was close to being approved for use by the Panama Canal Authority, despite no such agreement existing. Through these misrepresentations, he raised millions of dollars from investors.

IRS Criminal Investigation Oakland Field Office Special Agent in Charge Linda Nguyen described the scheme as deceptive:

Mr. Andrade’s outrageous lies lured and scammed individuals into investing their hard-earned money into a new cryptocurrency with fabricated features.

Nguyen further criticized Andrade’s financial misconduct: “But there is nothing advanced about this scheme. Rowland Marcus Andrade stole money from innocent people and used it to further his personal wealth.” Acting U.S. Attorney Patrick D. Robbins made clear the nature of the crime: “Fraudsters often tout new and innovative technology in order to raise money from investors. But raising money through lies and misrepresentations is neither new nor innovative. It’s unlawful, plain and simple.” Andrade is set to be sentenced on July 22, 2025, where he faces up to 20 years in prison for wire fraud and 10 years for money laundering, along with the forfeiture of assets linked to his crimes.

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