Federal jurors hammered the final nail in AML Bitcoin founder Rowland Marcus Andrade‘s coffin last week, convicting him of wire fraud and money laundering after a grueling five-week trial. The verdict, delivered March 12, 2025, in the US District Court for Northern District of California, leaves Andrade staring down the barrel of up to 30 years in prison. Tough break.
Andrade’s scheme was pretty brazen, even by crypto standards. Between 2017 and 2018, he conducted an ICO for AML Bitcoin, making wild claims about the coin’s anti-money laundering capabilities that simply didn’t exist. He boasted about partnerships that were pure fiction, including one with the Panama Canal Authority. The entire fraud began with criminal charges filed in June 2020 that outlined his extensive deception. Investors ate it up.
The money rolled in. Then it rolled right back out—into Andrade’s pockets. He diverted over $2 million from the ICO proceeds, treating himself to luxury cars and two Texas properties. Classic move. He shuffled investor funds through multiple bank accounts, apparently thinking that would throw investigators off his scent. It didn’t.
The feds weren’t amused. FBI and IRS Criminal Investigation units built the case, while the SEC filed parallel civil charges. Acting US Attorney Patrick D. Robbins strongly condemned how Andrade lured investors with falsehoods. Andrade’s been out on a $75,000 bond since 2020 with travel restrictions. Not exactly living the crypto-king lifestyle he’d imagined.
His sentencing is set for July 22, 2025. Wire fraud alone carries up to 20 years, with money laundering adding another potential decade. Assets linked to his crimes could be seized. Ouch.
Sentencing looms for Andrade—up to 30 years and asset seizure. The crypto-bro lifestyle doesn’t translate well to prison.
Andrade wasn’t alone in this mess. Notorious lobbyist Jack Abramoff was named as a co-conspirator and already pleaded guilty back in 2020, agreeing to pay over $50,000 in penalties. Andrade’s defense tried blaming “shady” business associates. The jury wasn’t buying it.
The case sends a clear message to the crypto world: ICO scammers beware. Regulators are watching, and prison cells don’t come with trading terminals. Investors, meanwhile, might want to remember the old adage—if it sounds too good to be true, it probably is. This case underscores why potential crypto investors should thoroughly research the market capitalization and fundamentals of any coin before investing rather than falling for empty promises.
