The founder of AML Bitcoin has been charged with wire fraud and money laundering. The Federal Court has accused Rowland Marcus Andrade of defrauding investors in a scheme involving the sale of a digital currency that claimed to comply with anti-money laundering regulations. Andrade allegedly falsely claimed that AML Bitcoin had partnerships with governmental agencies and financial institutions.
The indictment claims that Andrade raised over $5 million from investors under false pretenses, using the funds for personal expenses like rent, vehicles, and a gambling habit. The alleged scheme began in 2017 and continued until 2019, despite warnings from regulators about the legitimacy of AML Bitcoin.
Authorities also accused Andrade of creating a false narrative around AML Bitcoin by fabricating evidence of non-existent partnerships and regulatory approvals. Despite these claims, the cryptocurrency failed to gain traction in the market, and investors were left with significant losses.
Andrade’s indictment serves as a cautionary tale for investors in the cryptocurrency space, highlighting the importance of conducting thorough due diligence before investing in any digital asset. Regulators continue to crack down on fraudulent schemes in the industry to protect consumers from financial harm.
