Rowland Marcus Andrade, the founder and CEO of AML Bitcoin, was sentenced to seven years in federal prison for wire fraud and money laundering. The sentence was handed down by Chief U.S. District Judge Richard Seeborg in San Francisco.
Andrade, 47, was convicted in March 2025 after a five-week trial. The jury found that he defrauded investors by making false statements about AML Bitcoin’s technology, its business prospects, and potential deals. One of the claims included a statement that the Panama Canal Authority was close to permitting the use of AML Bitcoin for ships passing through the canal, despite no such agreement existing.
Evidence presented at trial showed that Andrade raised approximately $10 million from investors through these misrepresentations. He then diverted more than $2 million for personal expenses, including purchasing two properties in Texas and two luxury vehicles. The jury also determined that Andrade laundered investor funds through several bank accounts before using them for personal purchases.
United States Attorney Craig H. Missakian stated: “The defendant made one false claim after another about a sophisticated cryptocurrency offering to create the illusion of a legitimate business. He exploited numerous investors who put their trust in him, not knowing that their hard-earned money was in fact funding his lavish lifestyle. Today, Andrade learned the price of his greed,” said United States Attorney Craig H. Missakian. “This case emphasizes my Office’s ongoing commitment to prosecuting anyone who undermines the integrity of traditional financial or digital asset markets.”
FBI Special Agent in Charge Sanjay Virmani commented: “Rowland Marcus Andrade promised innovation but delivered deception. He misled innocent people who believed they were investing in the future of digital currency. Instead, their money was used to fund his personal luxury,” said FBI Special Agent in Charge Sanjay Virmani. “The FBI remains committed to protecting the public from financial fraud and ensuring justice for those who were harmed.”
IRS Criminal Investigation Oakland Field Office Special Agent in Charge Linda Nguyen added: “Today’s sentencing of Rowland Marcus Andrade is another definitive statement about how white-collar crime does not pay. Mr. Andrade enriched himself by misrepresenting cryptocurrency technological advances he never delivered upon,” said IRS Criminal Investigation (IRS-CI) Oakland Field Office Special Agent in Charge Linda Nguyen. “IRS-CI agents understand the technology, see through the nefarious lies, and follow the money. Our commitment to protecting individuals from financial fraud is unwavering.”
In addition to prison time, Andrade received a three-year period of supervised release and must pay forfeiture equal to fraudulent proceeds obtained from his crimes; a hearing on September 16 will determine exact forfeiture and restitution amounts owed to victims.
Assistant U.S. Attorneys Christiaan Highsmith, David Ward, Karen Beausey and Trial Attorney Matthew Chou prosecuted this case with help from Tina Rosenbaum following an investigation by both FBI and IRS Criminal Investigation.
