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    Home»Bitcoin»AML Bitcoin Creator Convicted Of Wire Fraud And Cash Laundering | Bitcoinist.com
    AML Bitcoin Creator Convicted Of Wire Fraud And Cash Laundering | Bitcoinist.com
    Bitcoin

    AML Bitcoin Creator Convicted Of Wire Fraud And Cash Laundering | Bitcoinist.com

    By Crypto EditorMarch 14, 2025No Comments3 Mins Read
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    AML Bitcoin Creator Convicted Of Wire Fraud And Cash Laundering | Bitcoinist.com

    Trusted Editorial content material, reviewed by main business consultants and seasoned editors. Advert Disclosure

    A federal jury has convicted Rowland Marcus Andrade, the creator of AML Bitcoin, on costs of wire fraud and cash laundering. The decision was delivered after a five-week trial in a case that uncovered false claims in regards to the cryptocurrency and its supposed technological capabilities. Andrade, 47, now faces as much as 30 years in jail.

    AML Bitcoin: False Claims And Deceptive Traders

    Prosecutors revealed that Rowland Marcus Andrade made false statements about AML Bitcoin’s improvement, enterprise partnerships, and its future use. He claimed that the Panama Canal Authority was near adopting AML Bitcoin for transactions. No such deal ever existed.

    Traders had been led to imagine they had been backing a revolutionary cryptocurrency with anti-money laundering options, however the expertise Andrade promoted by no means materialized as promised.

    AML Bitcoin creator convicted of fraud and cash laundering

    Rowland Marcus Andrade, the creator of AML Bitcoin, has been convicted of wire fraud and cash laundering in a pump-and-dump scheme tied to a 2017-2018 preliminary coin providing (ICO). U.S. prosecutors accused Andrade of…

    — CoinNess International (@CoinnessGL) March 13, 2025

    Hundreds of thousands Diverted For Private Achieve

    The jury discovered that Andrade misused over $2 million from AML Bitcoin gross sales. As an alternative of funding the venture, he spent the cash on private bills, together with the acquisition of two luxurious vehicles and two properties in Texas. Proof introduced at trial confirmed that he funneled investor funds by way of a number of financial institution accounts earlier than utilizing them for his personal profit.

    BTCUSD buying and selling at $82,379 on the every day chart: TradingView.com

    Legislation Enforcement Calls Out Fraudulent Techniques

    Officers concerned within the case didn’t maintain again of their statements. Performing US Lawyer Patrick D. Robbins mentioned Andrade lured buyers with lies, solely to complement himself.

    FBI Particular Agent in Cost Sanjay Virmani emphasised that the company stays dedicated to defending buyers from monetary fraud. IRS Prison Investigation Particular Agent in Cost Linda Nguyen additionally weighed in, stating that Andrade’s makes an attempt to launder cash had been nothing new and that IRS consultants concentrate on tracing funds in such circumstances.

    Sentencing Scheduled For July 2025

    Andrade will probably be sentenced on July 22, 2025. He faces a most of 20 years for wire fraud and 10 years for cash laundering. The court docket may order him to forfeit belongings linked to the crimes, together with the properties he bought in Texas.

    The case was investigated by the FBI and IRS Prison Investigation unit. Assistant US Attorneys Christiaan Highsmith, David Ward, and Matthew Chou led the prosecution, with help from Tina Rosenbaum.

    Featured picture from DALL-E, chart from TradingView

    AML Bitcoin Creator Convicted Of Wire Fraud And Cash Laundering | Bitcoinist.com

    Editorial Course of for bitcoinist is centered on delivering totally researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent evaluate by our group of prime expertise consultants and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.





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