PANews, March 16 news, according to News.bitcoin, a San Francisco federal jury found AML Bitcoin founder and CEO Rowland Marcus Andrade guilty of wire fraud and money laundering. Andrade will be sentenced on July 22, 2025. He will face up to 20 years in prison for wire fraud and up to 10 years in prison for money laundering, and will have his assets related to his crimes forfeited.

According to evidence presented at the trial, the 47-year-old Texan Andrade misappropriated more than $2 million from AML Bitcoin sales for personal expenses, including the purchase of two Texas properties and two luxury vehicles. He laundered investors' funds through various bank accounts and then used that money to fund his own purchases. The jury found that Andrade lied about AML Bitcoin being on the verge of approval from the Panama Canal Authority, when in fact no such deal existed. Through these false statements, he raised millions of dollars from investors.