AML Bitcoin founder gets 7 years in prison for crypto fraud
Main Idea
Rowland Marcus Andrade, founder of AML Bitcoin, was sentenced to seven years in prison for defrauding investors out of $10 million through false claims about the token's business deals and technology.
Key Points
1. AML Bitcoin's founder, Rowland Marcus Andrade, was convicted of wire fraud and money laundering related to the token.
2. Andrade falsely claimed that the Panama Canal Authority would allow AML Bitcoin to be used for ships passing through the canal.
3. The sentence of seven years was below the government's request for 17.5 years.
4. Andrade was also involved in fraud, tax evasion, and conspiring to bribe public officials.
5. A lobbyist associated with AML Bitcoin was ordered to pay $55,000 for promoting the token in 2020.
Description
Rowland Marcus Andrade was sentenced to seven years in prison for making the cryptocurrency AML Bitcoin, which defrauded investors out of $10 million.
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