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Cryptocurrency Exchange Founder Convicted of Fraud and Money Laundering

The founder of a cryptocurrency exchange, whose very name was associated with Anti-Money Laundering (AML) protocols, has been convicted of serious financial crimes, including wire fraud and money laundering, by a California court.

Trial Overview and Verdict

On March 12, during a trial held in the US District Court for the Northern District of California, a jury delivered a guilty verdict against Rowland Marcus Andrade, who was the creator of AML Bitcoin. Andrade was found guilty on two felony counts, the charges stemming from his involvement in a scheme that sought to defraud investors. This legal issue dates back to June 2020 when authorities first filed criminal charges against Andrade, coinciding with a civil enforcement action initiated by the US Securities and Exchange Commission (SEC) against him and the NAC Foundation—a venture he led as both founder and CEO.

Statements from Authorities

Linda Nguyen, the Special Agent in Charge of the IRS Criminal Investigation Oakland Field Office, remarked, “Mr. Andrade’s outrageous lies lured and scammed individuals into investing their hard-earned money into a new cryptocurrency with fabricated features.” She continued, emphasizing the deceitful nature of Andrade’s actions, stating, “But there is nothing advanced about this scheme. Rowland Marcus Andrade stole money from innocent people and used it to further his personal wealth.” This pointed criticism underscores the severity and the deliberate nature of Andrade’s actions, which misled numerous investors.

The SEC Civil Case and Political Ties

The civil case filed by the SEC against Andrade gained particular attention due to the involvement of political lobbyist Jack Abramoff, who himself served four years behind bars from 2006 to 2010 after being convicted of multiple charges, including mail fraud and conspiracy. In January 2021, a judge decided to stay the SEC litigation until Andrade’s criminal case concluded, indicating it might resume in the near future.

Allegations and Financial Misconduct

The indictment, filed in June 2020, accused the NAC Foundation of promoting AML Bitcoin as a cryptocurrency that would ultimately comply with rigorous money laundering and Know Your Customer (KYC) regulations. However, as presented in court during the trial, Andrade’s claims were never realized, as the promised cryptocurrency never launched. The prosecution revealed that Andrade diverted over $2 million in funds derived from the ICO, expending these proceeds on luxury real estate and high-end automobiles.

Misleading Claims

Andrade’s defense presented a series of false claims, including the assertion that the Panama Canal Authority was on the verge of allowing AML Bitcoin to be utilized for ships navigating the canal. The Justice Department emphasized the complete lack of truth in this statement, enhancing the perception of Andrade as a deceptive figure in the cryptocurrency landscape.

Upcoming Sentencing Hearing

Rowland Marcus Andrade is scheduled to appear for a sentencing hearing on July 22. Since being charged, he has remained free on a $75,000 bond, albeit under some travel restrictions. If sentenced to the maximum penalties, he could face up to 20 years in prison for wire fraud and an additional 10 years for money laundering.

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