Rowland Marcus Andrade, the mastermind behind the crypto token AML Bitcoin, just got hit with a seven-year prison sentence after being found guilty of wire fraud and money laundering earlier this year.
The U.S. Department of Justice spilled the tea on Tuesday, revealing that Andrade swindled investors out of a whopping $10 million. And to top it off, he used $2 million from AML Bitcoin sales to fund his personal splurges, like buying properties and luxury cars. Guess the whole "crypto for the people" thing didn’t quite pan out, huh?
But it wasn’t just his spending habits that raised eyebrows. The guy was making some seriously shady claims. He told investors that the Panama Canal Authority had agreed to let AML Bitcoin be used for ships passing through the canal. Only problem? That deal was as real as a unicorn. Spoiler: there was no such agreement.
Rowland Andrade, founder of AML Bitcoin, was sentenced to 84 months in prison for making false representations to investors that netted him $10 million in fraudulent proceeds.
— IRS Criminal Investigation (@IRS_CI) July 29, 2025
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Andrade’s Assets Seized and Justice Served
Andrade didn’t get off easy. Despite a government request for a hefty 17 and a half years behind bars, he got a seven-year sentence. A jury in California convicted him in March for wire fraud and money laundering linked to his Bitcoin scam.
US Attorney Craig Missakian didn’t hold back, calling Andrade out for creating a "false illusion of a legitimate business" to exploit unsuspecting investors. "He made one false claim after another," Missakian said, adding that Andrade’s greed was what really landed him in hot water.
But wait, there’s more! Andrade will also have to forfeit assets, and those funds will go to reimbursing his victims. On Sept. 16, the court will decide just how much of Andrade’s possessions will be handed over for restitution. Gotta love when justice catches up with the scammers.
His seven-year sentence kicks off on October 31. After that, he’ll be on supervised release for three years, meaning he’ll be checking in with the cops on the regular. Hope he enjoys his “freedom” under the watchful eye of the law.
And let’s not forget the political connection. Jack Abramoff, the infamous lobbyist and convicted criminal, was also linked to AML Bitcoin. In 2020, he was ordered to pay $55,000 for promoting the token. Oh, and he’s permanently banned from securities offerings. What a crew Andrade's running with.
As if that wasn't enough drama, in January 2021, a judge hit pause on an SEC lawsuit against Andrade until his criminal case wrapped up. Guess the legal parties are waiting for the final word before they take any more action.
In the end, Andrade got a far shorter sentence than prosecutors were hoping for (they wanted 17+ years), but it’s definitely a step in the right direction. As for his defense team? They were hoping for a two-year sentence, followed by supervised release. Guess they’ll be disappointed with the seven years he’s facing instead. Looks like Andrade learned the hard way: crime doesn’t pay.
Anastasiia G
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