BlockBeats News, March 16th, according to News.bitcoin report, a San Francisco federal jury found AML Bitcoin founder and CEO Rowland Marcus Andrade guilty of telecommunication fraud and money laundering. Andrade will be sentenced on July 22, 2025. He faces up to 20 years in prison for telecommunication fraud, up to 10 years in prison for money laundering, and the confiscation of assets related to his crimes.
Based on evidence presented in the trial, 47-year-old Texan Andrade misappropriated over $2 million from AML Bitcoin sales for personal expenses, including purchasing two Texas properties and two luxury cars. He laundered investors' funds through various bank accounts and then used these funds to finance his own purchases. The jury found that Andrade falsely claimed that AML Bitcoin was about to receive approval from the Panama Canal Authority, when in fact, no such agreement existed. Through these false statements, he raised millions of dollars from investors.
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