So, a California jury decided to teach a lesson about crypto scams. According to the US Department of Justice, Rowland Marcus Andrade, who’s basically the Bernie Madoff of Bitcoin, is going to spend seven years in the slammer after being found guilty of wire fraud and money laundering. Can you believe it? I mean, what a schmuck. 😂
Andrade tried to sell a token called AML Bitcoin, which he claimed was a legitimate way to fight financial crime. In reality, he used about $10 million from investors to live like a king. I guess the only thing he was fighting was his own boredom with regular money. 🏝️💰
Founder Jailed For Crypto Fraud
Investors fell for Andrade’s pitch about anti-money-laundering technology. Based on reports, he siphoned off about $2 million for fancy cars and real estate. I mean, who wouldn’t want a Lamborghini and a beach house, right? But at least he could have invited me over for a drink. 🚗🏡
The jury convicted him in March on charges that could have landed him in jail for decades. Yet Chief US District Judge Richard Seeborg, bless his heart, capped the sentence at 84 months, which is well below the 210 months the government wanted. I guess Andrade got a deal better than his investors did. 🤷♂️
Rowland Andrade, founder of AML Bitcoin, was sentenced to 84 months in prison for making false representations to investors that netted him $10 million in fraudulent proceeds.
Click below to read more about this #IRSCI Oakland field office case.
— IRS Criminal Investigation (@IRS_CI) July 29, 2025
A Fake Panama Canal Deal
Prosecutors pointed out one of Andrade’s boldest lies: he claimed the Panama Canal Authority would accept AML Bitcoin for ship tolls. Spoiler alert: there was no such agreement. I mean, who falls for that? It’s like saying the Vatican will accept Monopoly money. 🤣
He kept repeating this lie to keep interest high and wallets open. The tactic worked long enough to draw in big checks, but it all came crashing down once investigators started digging. I guess you can’t fool everyone forever, especially when you’re dealing with the Panama Canal. 🛥️
Andrade’s legal team asked for just two years behind bars followed by supervised release. The government, on the other hand, argued for 17.5 years. In the end, seven years will start on October 31, with a restitution hearing set for September 16 to decide how much of his assets must be forfeited. After prison, he’ll be on supervised release for three years, checking in regularly with authorities. I guess he’ll have plenty of time to reflect on his poor life choices. 🙄
The case also highlights risks for high-profile backers. Political lobbyist Jack Abramoff was fined $55,000 for promoting AML Bitcoin in 2020 and banned from future securities offerings. His involvement shows that even seasoned promoters can face penalties when they lend credibility to a scam. It’s a warning shot for anyone thinking about slapping their name onto crypto without vetting the tech behind it. 🚨
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2025-07-31 09:45