A California ju-deferral sent a clear message about crypto fraud. According to the US Department of Justice, Roland’s Marcus Andrade will spend seven years in prison after committing wire fraud and money laundering charges.
Andredo pitched a token called AML Bitcoin as a legal way to combat financial crime. In fact, he spent about $10 million from investors to nurture his lifestyle.
Founder imprisoned for Crypto scam
Investors believed in Andredo’s pitch about anti-Morneylandering technology. Based on the report, he siphoned around $2 million for flashy cars and real estate.
The ju judge found him guilty in March of accusations that carried potential prison time for decades. However, US District Judge Richard Sieborg held back his sentence at 84 months, far less than the 210 months the government requested.
Rowland Andrade, founder of AML Bitcoin, has been sentenced to 84 months in prison for falsely representing investors and earning $10 million in fraudulent income.
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Fake Panama Canal Trade
The prosecutor pointed out one of the boldest lies. Andredo said Panama Canal Authority will accept AML Bitcoin for the ship’s fees. No agreement existed.
He repeated the claim, kept his interest high and opened his wallet. The tactics worked long enough to elicit a big check, but it was unraveled after investigators digged deeper.
A statement that is far below the government’s demands
Andrade’s team wanted a release that was directed just two years later at the back of the bar. The government argued for 17.5 years.
Finally, the seventh year begins on October 31st, with a September 16th reparation hearing set to determine how much of his assets must be forfeited. After prison, he makes a three-year supervised release and checks in regularly with the authorities.
Wideer impact on crypto promotions
This case also highlights the risks of high profile supporters. Political lobbyist Jack Abramov was fined $55,000 for pushing AML Bitcoin in 2020 and was banned from providing future securities.
His role shows that even veteran promoters can face penalties when they lend credibility to fraud. This is a warning shot for anyone considering slamming their names cryptically without reviewing the technology behind it.
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