The federal ry umpire has convicted Roland's Marcus Andredo, founder and CEO of AML Bitcoin, a wire fraud and money laundering related to fraudulent marketing and sales of cryptocurrencies.
The verdict reached the end of a five-week trial in the Northern District of California, with US District Judge Richard Sieborg being presided over the main.
According to prosecutors, 47-year-old Andrade misunderstood investors by falsely claiming that AML Bitcoin has advanced money laundering technology and is approaching adoption by Panama Canal authorities.
In reality, no such agreement existed. Andrade raised millions through these misrepresentations and diverted more than $2 million for personal expenses, including luxury vehicles and real estate in Texas.
Financial fraud fees
Federal agents tracked investor funds through multiple bank accounts, leading to financial fraud claims. US lawyer Patrick D. Robbins emphasized that deceiving investors for personal gain is illegal and will be charged.
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Special agents of Sanjay Virmani and IRS FBI Special Agents for Criminal Investigation Linda Nguyen highlighted the agency's commitment to protecting financial markets from fraudulent schemes.
Andrade was sentenced on July 22, 2025, facing a prison for up to 30 years. His illegally acquired assets will be subject to forfeiture.
