Rowland Marcus Andrade, the founder of AML Bitcoin, has been sentenced to seven years in prison after defrauding investors of $10 million through wire fraud and money laundering. The U.S. Department of Justice reported that Andrade used $2 million from the sale of AML Bitcoin to fund a lavish lifestyle, including purchasing properties and luxury vehicles. He misled investors with false claims regarding the technology and partnerships of AML Bitcoin, notably asserting that the Panama Canal Authority had approved the token for use, which was untrue. The court also ordered Andrade to forfeit assets to reimburse victims, with the precise amount to be determined on September 16. His sentence, starting on October 31, will be followed by three years of supervised release. Prosecutors had initially requested a longer sentence of over 17 years, while Andrade's defense aimed for two years. The case has connections to Jack Abramoff, a political lobbyist previously convicted of fraud, who was barred from securities offerings after promoting AML Bitcoin.

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