Ismail J. Ramsey, U.S. Attorney | U.S. Attorney for the Northern District of California
A federal jury in San Francisco has found Rowland Marcus Andrade guilty of wire fraud and money laundering related to the cryptocurrency AML Bitcoin. The verdict was reached after a five-week trial presided over by Chief U.S. District Judge Richard Seeborg.
Court documents and trial evidence revealed that Andrade, aged 47 from Texas, made false claims about the development and potential business deals of AML Bitcoin. Among these misrepresentations was a fabricated claim that the Panama Canal Authority was considering using AML Bitcoin for ships transiting the canal.
The evidence showed that Andrade diverted over $2 million from the sale of AML Bitcoin for personal use, including purchasing properties in Texas and luxury vehicles. He also laundered investor funds through various bank accounts to cover these expenses.
Acting United States Attorney Patrick D. Robbins stated, “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.”
FBI Special Agent in Charge Sanjay Virmani commented on the case, saying, “Marcus Andrade misled investors, manipulated trust, and exploited the promise of innovation for personal gain.” He added that the verdict reaffirms the FBI's dedication to maintaining financial market integrity.
IRS Criminal Investigation Oakland Field Office Special Agent in Charge Linda Nguyen remarked on Andrade's actions: “Mr. Andrade’s outrageous lies lured and scammed individuals into investing their hard-earned money into a new cryptocurrency with fabricated features.”
Andrade is set to be sentenced on July 22, 2025. He faces up to 20 years in prison for wire fraud and 10 years for money laundering, along with forfeiture of assets acquired through his crimes.
The prosecution team includes Assistant U.S. Attorneys Christiaan Highsmith, David Ward, Matthew Chou, with assistance from Tina Rosenbaum. The investigation was conducted by the FBI and IRS-CI.
