AML Bitcoin Founder Sentenced to 7 Years in Prison for Crypto Fraud

The founder of the cryptocurrency AML Bitcoin, Rowland Marcus Andrade, was just sentenced to 7 years in prison for fraud and money laundering after being convicted in March this year. The US Department of Justice stated that Andrade defrauded investors of approximately 10 million USD, of which 2 million USD was used for personal purposes such as buying luxury houses and cars. He was also accused of fabricating AML Bitcoin's technology and fake business deals, including false claims that the Token would be used for ships passing through the Panama Canal. The prosecutor requested a sentence of over 17 years in prison, but the court only sentenced 7 years. After completing his prison term on October 31st, Andrade will be supervised for an additional 3 years and must comply with court conditions, including periodic police checks. Additionally, Andrade must return assets to compensate the victims. The hearing to determine the amount to be paid will take place on September 16th. Regarding the case, Jack Abramoff - a famous former lobbyist involved in a corruption scandal - was also fined 55,000 USD for promoting AML Bitcoin in 2020 and permanently banned from securities fundraising. Although the sentence is lighter than the prosecutor's request, it is still higher than Andrade's lawyer's proposal, which hoped for only 2 years in prison and subsequent supervision.