Rowland Marcus Andrade, founder of cryptocurrency entity AML Bitcoin, has been sentenced to 84 months in federal prison for defrauding investors of approximately $10 million. The sentence follows a multi-year scheme spanning 2014 to 2019, during which Andrade systematically misled investors about AML Bitcoin’s technological capabilities and business launch timeline.
Court proceedings revealed that Andrade’s fraudulent claims convinced victims to fund nonexistent technology and services, with over $2 million of the illicitly obtained funds connected to money laundering activities. A restitution hearing for victim compensation is scheduled for September 16 to address financial recovery for affected parties.
This landmark case spotlights heightened regulatory scrutiny of cryptocurrency fraud risks and underscores the critical need for investor vigilance when evaluating emerging digital asset ventures. The sentencing reinforces legal consequences for deceptive practices within the rapidly evolving blockchain industry.