AML Bitcoin, a scheme that raised millions of dollars through false and misleading statements to investors about the cryptocurrency and the purported technology behind it.

The prosecution was brought by the Inland Revenue Service.

Andrade diverted more than USD2 million in proceeds from the sale of AML Bitcoin and spent it on personal expenses, including the purchase of two properties in Texas and two luxury cars. The jury also found that Andrade laundered investors' funds through various bank accounts and then used the funds for his personal expenses and the purchase of the properties and cars.

“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,” said Acting United States Attorney Patrick D. Robbins.

Actually, it's illegal, but the rest of Robbins' statement is important: the tech might be new, but the fraud remains the same. 

That important message was reinforced by IRS Criminal Investigation (IRS-CI) Oakland Field Office Special Agent in Charge Linda Nguyen who said "there is nothing advanced about this scheme. Rowland Marcus Andrade stole money."

And there's more: "“Marcus Andrade misled investors, manipulated trust, and exploited the promise of innovation" said FBI Special Agent in Charge Sanjay Virmani.

It's an attitude that is to be applauded.

Andrade is scheduled to appear on July 22, 2025, for sentencing. He faces a maximum penalty of 20 years in prison for the wire fraud count and 10 years in prison for the money laundering count, and forfeiture of all property that is traceable to his wire fraud and money laundering violations including property that Andrade bought in Texas.

Further reading: Use and Abuse of the Internet in Fraud and Money Laundering - Morris-Cotterill (1999)