Rowland Marcus Andrade, founder of AML Bitcoin, was sentenced to seven years in prison after being convicted of wire fraud and money laundering related to his cryptocurrency project. The US Department of Justice revealed that he defrauded investors of $10 million, using $2 million from his token's sales to fund personal expenses such as luxury vehicles and properties. Andrade misled investors with false claims about the technology behind AML Bitcoin and falsely asserted agreements with the Panama Canal Authority. Prosecutors sought a significantly longer sentence of over 17 years, citing Andrade's exploitation of investors' trust. Additionally, Andrade is required to forfeit assets intended to reimburse his victims, with a court determination set for September 16. His prison term begins on October 31, and he will face three years of supervised release afterward. Notably, political lobbyist Jack Abramoff faced repercussions for promoting AML Bitcoin without disclosing his issues with fraud and bribery, raising further controversy about the project.

Source đź”—