Crypto CEO Sentenced to 84 Months for Wire Fraud and Money Laundering

By rachelkim, World Today News

SAN FRANCISCO – Cryptocurrency founder and CEO Rowland Marcus Andrade was sentenced today to 84 months in federal prison for wire fraud and money laundering. Chief U.S. District Judge Richard Seeborg handed down the sentence.

At the conclusion of a five-week trial in March 2025, a jury found Andrade, 47, guilty of wire fraud and money laundering in connection with the fraudulent marketing and sale of a cryptocurrency called AML Bitcoin. This scheme raised millions of dollars through false and misleading statements to investors about the cryptocurrency and the purported technology behind it.

According to court documents and evidence presented at trial, Andrade made false statements to the public and potential purchasers of AML Bitcoin, misrepresenting the progress of the technology, its viability, potential business deals, and release date.Among other misrepresentations,Andrade falsely claimed that the Panama canal Authority was close to permitting AML Bitcoin to be used for ships passing through the Panama Canal when no such agreement existed.

Court documents and evidence presented at trial established that Andrade defrauded cryptocurrency investors out of approximately $10 million. Andrade diverted