A US federal jury has convicted Rowland Marcus Andrade, the founder of AML Bitcoin, on charges of wire fraud and money laundering.

Prosecutors revealed that Andrade deceived investors by falsely claiming the cryptocurrency featured advanced anti-money laundering technology and was on the verge of adoption by the Panama Canal Authority. No such agreement existed.

The fraudulent scheme allowed Andrade to raise millions of dollars, of which over$2 million was spent on luxury cars and real estate in Texas.

Federal agents traced investor funds through multiple bank accounts, leading to financial fraud charges. Acting US Attorney Patrick D. Robbins stressed that exploiting investors for personal gain would not go unpunished.

FBI and IRS officials highlighted their commitment to safeguarding financial markets from fraudulent schemes. Andrade is scheduled for sentencing on 22 July 2025 and faces up to 30 years in prison. His illegally acquired assets are also subject to forfeiture.

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