Rowland Marcus Andrade, the founder of AML Bitcoin, was found guilty in a California court of wire fraud and money laundering. This conviction followed a trial on March 12 in the US District Court for the Northern District of California, where a jury determined Andrade had deceived investors as part of a scheme involving his cryptocurrency. Andrade was indicted in June 2020, with accusations that he had misled potential investors with false claims about AML Bitcoin's compliance with regulations on money laundering and Know Your Customer (KYC). During the trial, it was revealed Andrade diverted over $2 million from the project's initial coin offering to his personal expenses, including luxury cars and real estate. The SEC had previously filed a civil lawsuit against him and his foundation, which was put on hold until the criminal case concluded. Andrade is scheduled for sentencing on July 22, facing up to 20 years for wire fraud and 10 years for money laundering.

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