TechFlow news, on March 16, according to News.bitcoin, a federal jury in San Francisco found Rowland Marcus Andrade, founder and CEO of AML Bitcoin, guilty of wire fraud and money laundering. Andrade is scheduled to be sentenced on July 22, 2025. He faces up to 20 years in prison for wire fraud and up to 10 years for money laundering, along with asset forfeiture related to his crimes.
According to evidence presented at trial, the 47-year-old Texas resident misappropriated over $2 million from AML Bitcoin sales for personal expenses, including purchasing two properties in Texas and two luxury vehicles. He laundered investor funds through various bank accounts and used the proceeds to finance his purchases. The jury determined that Andrade falsely claimed AML Bitcoin was about to receive approval from the Panama Canal Authority, when in fact no such agreement existed. Through these false statements, he raised millions of dollars from investors.
