The founder of a cryptocurrency exchange whose name was tied to anti-money laundering (AML) was found guilty of wire fraud and money losses in a California court.
In a trial on March 12 in the US district court for the Northern District of California, a jury found AML Bitcoin’s creator Rowland Marcus Andrade who had guilty two felony counts as part of a scheme to deceive investors. Criminals first filed authorities against Andrade in June 2020 at parallel to a civil case Filed by the US Securities and Exchange Commission (SEC) against the AML Bitcoin Creator and the NAC Foundation, where he founded and CEO.
“Mr. Andrade’s frustrating lies gap and stabbed individuals in investing their suffering money in a new cryptocurrency with works,” Says Linda Nguyen, the IRS Criminal Investigation Oakland Field Office Special Agent in charge. “But there is nothing advanced about this method. Rowland Marcus Andrade stole money from innocent people and used it to expand his personal wealth.”
Rowland Marcus Andrade Jury Verdict on March 12. Source: Pacer
The SEC’s civil case against Andrade is noteworthy in the involvement of political lobbyist Jack Abramoff, who served four years in prison between 2006 and 2010 following his conviction of mail fraud, conspiracy to bribe public officials and tax prevention. A judge Sumang -ayon To remain the SEC lawsuit in January 2021 until the end of Andrade’s criminal case, suggesting that it could continue as soon as possible.
The accusation of June 2020 It is said The NAC Foundation claimed a cryptocurrency to be launched by AML Bitcoin – it was not done – followed the money laundering and find out your customer’s (KYC) regulations (KYC). Andrade used those claims for an initial coin offer between 2017 and 2018. According to the information shown in his trial, the creator of AML Bitcoin has moved more than $ 2 million to proceeds from the sale of the platform, spent it in real estate and luxury automobiles.
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“Andrade says, among other incorrect information, that the Panama Canal Authority is close to allowing AML Bitcoin to be used for ships passing through the Panama Canal when there is no such agreement,” the Department of Justice said.
The creator of AML Bitcoin is set to return to court for a hearing on July 22, which has remained free at a $ 75,000 bond since 2020 with some travel restrictions. He faced a maximum penalty of 20 years in prison for the number of wire fraud and 10 years for the number of money in laundering.
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