Rowland Marcus Andrade, founder and CEO of AML Bitcoin, has been sentenced to seven years (84 months) in federal prison for wire fraud and money laundering in connection with a cryptocurrency scam that defrauded investors of approximately $10 million.
Andrade, 47, was convicted in March 2025 after a five-week trial in the Northern District of California. Prosecutors said he misled investors with false claims about the development and potential of AML Bitcoin, including fabricating a supposed deal with the Panama Canal Authority.
Instead of funding the project, Andrade used more than $2 million for personal expenses, including luxury cars and properties in Texas. He also laundered investor funds through a web of bank accounts.
“Today, Andrade learned the price of his greed,” said U.S. Attorney Craig H. Missakian. “He exploited investors who trusted him, only to use their money to fund a lavish lifestyle.”
The sentence also includes a three-year supervised release. A hearing is scheduled for September 16 to determine forfeiture and restitution amounts. Andrade is expected to report to prison on October 31, 2025.
The case was prosecuted by the U.S. Attorney’s Office with support from the FBI and IRS Criminal Investigation.