Crypto CEO Linked to Jack Abramoff Convicted of Fraud.

Rowland Marcus Andrade Found Guilty of Wire Fraud and Money Laundering

A California federal jury has convicted Rowland Marcus Andrade, the founder of a cryptocurrency called Anti-Money Laundering (AML) Bitcoin, on charges of wire fraud and money laundering. Andrade was accused of orchestrating a $5 million cryptocurrency scheme, misleading investors, and using funds for personal luxuries.

Key Takeaways:

• Andrade misled investors into believing that AML Bitcoin tokens would become a legitimate cryptocurrency.
• Over $2 million from the scheme was used to buy Texas properties and luxury cars.
• Jack Abramoff, the infamous D.C. lobbyist, was named a co-conspirator and pleaded guilty in 2020.
• Andrade faces up to 30 years in prison and the forfeiture of assets tied to the fraud.

Defense Attempts to Shift Blame

At the opening of the trial, Andrade’s attorneys argued that he was manipulated by shady business associates, including Abramoff. Attorney Michael Shepard of King & Spalding LLP told jurors that Andrade was “swimming with sharks” and was exploited due to his good faith, hard work, and mental impairments.

Despite these claims, the jury convicted Andrade of defrauding investors in an initial coin offering (ICO) between 2017 and 2018. He falsely promoted AML Bitcoin as an upcoming tradeable cryptocurrency, a project that never materialized.

DOJ: Andrade Used Funds for Personal Gain

According to the U.S. Department of Justice (DOJ), Andrade falsely claimed that the Panama Canal Authority was close to adopting AML Bitcoin for use in international shipping. Prosecutors revealed that no such deal existed.

The DOJ further stated that Andrade diverted investor funds for his personal benefit, including:

• Buying two properties in Texas
• Purchasing two luxury cars
• Spending lavishly on personal expenses

Jack Abramoff’s Involvement

The case also revived Jack Abramoff’s history with fraud. The former D.C. power lobbyist, who previously served prison time for corruption, was named a co-conspirator in Andrade’s case. In 2020, Abramoff pleaded guilty, agreeing to pay over $50,000 in penalties related to the AML Bitcoin scheme.

Government’s Response: “Fraud is Fraud”

Acting U.S. Attorney Patrick D. Robbins condemned the use of crypto scams to deceive investors, stating:

“Fraudsters often tout new and innovative technology in order to raise money from investors. But raising money through lies and misrepresentations is neither new nor innovative. It’s unlawful, plain and simple.”

Sentencing & Potential Prison Time

Andrade is scheduled to be sentenced in July 2025. He faces:

• Up to 20 years for wire fraud
• Up to 10 years for money laundering
• Forfeiture of all assets tied to the fraud

His conviction marks one of the longest-running federal crypto fraud cases in U.S. history, setting a precedent for future prosecutions in cryptocurrency scams.