Rowland Marcus Andrade, founder and CEO of AML Bitcoin, has been sentenced to seven years in federal prison for wire fraud and money laundering. The sentence was delivered by Chief U.S. District Judge Richard Seeborg following Andrade’s conviction at the end of a five-week trial in March 2025.
Prosecutors presented evidence that Andrade misled investors about the development and viability of AML Bitcoin, as well as its potential business partnerships and release date. Among the claims was an assertion that the Panama Canal Authority would soon permit use of AML Bitcoin for ships passing through the canal; however, no such agreement existed.
The court found that Andrade defrauded investors out of approximately $10 million. Of those funds, more than $2 million were used by Andrade for personal expenses, including buying two properties in Texas and two luxury vehicles. Evidence also showed he laundered investor funds through various bank accounts before using them for his own benefit.
United States Attorney Craig H. Missakian stated: “The defendant made one false claim after another about a sophisticated cryptocurrency offering to create the illusion of a legitimate business. He exploited numerous investors who put their trust in him, not knowing that their hard-earned money was in fact funding his lavish lifestyle. Today, Andrade learned the price of his greed. This case emphasizes my Office’s ongoing commitment to prosecuting anyone who undermines the integrity of traditional financial or digital asset markets.”
FBI Special Agent in Charge Sanjay Virmani said: “Rowland Marcus Andrade promised innovation but delivered deception. He misled innocent people who believed they were investing in the future of digital currency. Instead, their money was used to fund his personal luxury. The FBI remains committed to protecting the public from financial fraud and ensuring justice for those who were harmed.”
IRS Criminal Investigation Oakland Field Office Special Agent in Charge Linda Nguyen commented: “Today’s sentencing of Rowland Marcus Andrade is another definitive statement about how white-collar crime does not pay. Mr. Andrade enriched himself by misrepresenting cryptocurrency technological advances he never delivered upon. IRS-CI agents understand the technology, see through the nefarious lies, and follow the money. Our commitment to protecting individuals from financial fraud is unwavering.”
In addition to serving 84 months in prison, Andrade will be subject to three years of supervised release following his incarceration and must pay forfeiture equal to proceeds gained from his crimes. A hearing on September 16, 2025 will determine both forfeiture amounts and restitution owed to victims.
Andrade is scheduled to begin serving his sentence on October 31, 2025.
The case was prosecuted by Assistant U.S. Attorneys Christiaan Highsmith, David Ward, Karen Beausey, and Trial Attorney Matthew Chou with assistance from Tina Rosenbaum following an investigation led by the FBI and IRS Criminal Investigation.
