Rowland Marcus Andrade, the founder of AML Bitcoin crypto currency, was convicted of wire fraud and money laundering in connection with the fraudulent marketing and sale of the coin. The decision comes after a five -week jury trial at the Northern California Regional Court.
In 2017 and 2018, Andrade made the wrong claims during the efforts to collect money for coin. Among the false allegations about coin money, Aml Bitcoin was closely superior to Bitcoin, and Panama channel authority allowed ships to use AML Bitcoin to pay a fee. AML Bitcoin has never been thrown.
Andrade used ‘ugly lies’ to make fraud
The evidence presented at the hearing showed that Andrade has used over $ 2 million for personal purposes, including the purchase of property and luxury cars, after gizel laundering investor funds through various bank accounts ”.
“Mr. Andrade’s ugly lies, the individuals left their hard -earned money to a new crypto currency with fabrication features and defrauded. in question In a statement.
Andrade will be sentenced in July. Up to 20 years of imprisonment on charges of fraud and 10 years for money laundering. In addition, he will lose his property incorrectly.
SEC accused Andrade of fraud and securities violations
The United States of the United States (SEC) filed a lawsuit against Andrade in the same court for sales of fraudulent unregistered securities. This case remained in 2021, waiting for the completion of the criminal case.
Together with Andrade, SEC, the NAC Foundation, the exporter of AML Bitcoin, has personally collected 5.6 million dollars from 2,400 investors from political lobbyist Jack Abramoff. In 2020 blameAndrade was claimed to have used $ 1.1 million for personal purposes. Abramoff served as a colleague of Andrade in the alleged coin problem.
Andrade and Abramoff were accused of violating the laws of registration registration. Abramoff was also accused of broker dealer registration violations. Abramoff accepted In this case, claiming to be guilty in a defense agreement. He paid over $ 50,000.
Abramoff is familiar with many people as a republican lobbyer who was imprisoned for corruption. He was sentenced to four years and six years in prison. Casino Jack was based on him.
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