AML Bitcoin Founder Guilty of Wire Fraud and Money Laundering

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• Rowland Marcus Andrade, founder of AML Bitcoin, has been convicted of wire fraud and money laundering
• Andrade misled investors about AML Bitcoin’s features and misappropriated over $2 million for personal use
• The scam also involved notorious lobbyist Jack Abramoff, who pleaded guilty in 2020 for his role in promoting it

Rowland Marcus Andrade, the founder of AML Bitcoin, has been convicted on charges of wire fraud and money laundering. Andrade was found to have deceived investors by falsely promoting AML Bitcoin’s anti-money laundering capabilities and misused over $2 million for personal expenses. The case also implicated former Washington, D.C., lobbyist Jack Abramoff, who pleaded guilty in 2020 to his involvement in the fraudulent cryptocurrency scheme.

Compliant Bitcoin Was a Fiction

Launched in 2017, AML Bitcoin was marketed as a cryptocurrency with integrated anti-money laundering (AML) features, purportedly addressing regulatory concerns about Bitcoin. Andrade claimed that the coin incorporated advanced biometric technologies to prevent money laundering, attracting investors seeking compliant cryptocurrency solutions. 

Investigations revealed that Andrade and Abramoff made false representations about the development and viability of AML Bitcoin, including that the Panama Canal Authority was close to permitting AML Bitcoin for use in transactions involving ships passing through the canal. As well as lying about AML Bitcoin’s merits, Andrade diverted more than $2 million from investors, using the funds to purchase two properties in