7 Years in Prison for AML Bitcoin Founder and CEO After a Multi-Million-Dollar Fraud
Main Idea
Rowland Marcus Andrade, CEO of the defunct AML Bitcoin, was found guilty of wire fraud and money laundering, highlighting regulatory actions against fraudulent crypto schemes.
Key Points
1. Rowland Marcus Andrade, founder of AML Bitcoin, was convicted of wire fraud and money laundering after a five-week trial.
2. The fraudulent scheme involved deceptive sales and misrepresentation of AML Bitcoin's features, raising over $5 million in an ICO.
3. Andrade and his team were ordered to pay $50,000 in disgorgement and interest for promoting the token falsely.
4. A hearing is scheduled for September 16th to determine further legal consequences for Andrade.
5. The case underscores ongoing efforts by U.S. authorities to combat financial crimes in the cryptocurrency space.
Description
White-collar crime surrounding cryptocurrencies was rampant in the early days of the industry. Still, the law is continuing to crack down on those who took advantage of the lack of regulation available at the time. What was touted as innovation turned out to be a scheme used to fund a person’s lavish lifestyle. Justice Served The U.S. Attorney’s Office in the Northern District of California shared a press release confirming that Rowland Marcus Andrade, CEO and Founder of the now-defunct AML Bitc...
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