TechFlow news, July 30 — According to The Block, Rowland Marcus Andrade, founder and CEO of the NAC Foundation, has been sentenced to 84 months in federal prison for wire fraud and money laundering related to the cryptocurrency project AML Bitcoin.
The court found that between 2014 and 2019, Andrade defrauded investors of approximately $10 million by making false and misleading statements about AML Bitcoin's technology, business prospects, and launch timeline, including falsely claiming that the Panama Canal Authority was about to approve the use of AML Bitcoin. Additionally, Andrade used over $2 million in project funds for personal expenses, including purchasing real estate in Texas and luxury vehicles.
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