A federal jury in San Francisco has convicted Rowland Marcus Andrade of wire fraud and money laundering related to the marketing and sale of AML Bitcoin. The verdict was delivered after a five-week trial overseen by Chief U.S. District Judge Richard Seeborg.
Andrade, aged 47 from Texas, misled investors about the development and viability of AML Bitcoin technology. He falsely claimed that an agreement with the Panama Canal Authority was imminent for using AML Bitcoin for ships passing through the canal, though no such agreement existed.
Evidence presented at trial showed Andrade diverted over $2 million from AML Bitcoin sales for personal expenses, including buying properties in Texas and luxury cars. The jury determined he laundered investor funds through various bank accounts for these purchases.
Acting United States Attorney Patrick D. Robbins stated, “Fraudsters often tout new and innovative technology in order to raise money from investors. But raising money through lies and misrepresentations is neither new nor innovative. It’s unlawful, plain and simple.”
FBI Special Agent in Charge Sanjay Virmani commented on the case: “Marcus Andrade misled investors, manipulated trust, and exploited the promise of innovation for personal gain.” He added that the verdict highlights the FBI's commitment to financial market integrity.
IRS Criminal Investigation Oakland Field Office Special Agent in Charge Linda Nguyen remarked on Andrade’s actions: “Mr. Andrade’s outrageous lies lured and scammed individuals into investing their hard-earned money into a new cryptocurrency with fabricated features.” She emphasized that IRS-CI experts investigate such schemes to bring justice.
Andrade is set to be sentenced on July 22, 2025. He could face up to 20 years in prison for wire fraud and 10 years for money laundering, along with forfeiture of property linked to his crimes.
The prosecution team includes Assistant U.S. Attorneys Christiaan Highsmith, David Ward, Matthew Chou, assisted by Tina Rosenbaum. The investigation was conducted by the FBI and IRS-CI.