Rowland Marcus Andrade’s dreams of crypto domination crashed and burned this week. A federal jury in the Northern District of California found him guilty of wire fraud and money laundering on March 12, 2025. The verdict ends one of the longest-running crypto fraud cases in US history. And boy, was it a doozy.
Between 2017 and 2018, Andrade orchestrated an Initial Coin Offering for “AML Bitcoin,” a cryptocurrency he claimed would feature built-in anti-money laundering capabilities and KYC compliance. Investors forked over more than $2 million for tokens that never actually converted to tradeable cryptocurrency. Classic bait and switch.
The man wasn’t exactly subtle with his lies. He fabricated a partnership with the Panama Canal Authority, misled investors about technology development, and bragged about non-existent business partnerships. Acting U.S. Attorney Patrick D. Robbins emphasized that fraudulent tactics disguised as technological innovation remain illegal in the digital asset space. He claimed the coins had advanced biometric technologies. They didn’t.
But where did all that investor cash go? Straight into Andrade’s pocket. He diverted over $2 million for personal expenses, including two luxury cars and two Texas properties. The funds bounced between multiple bank accounts in a sad attempt at laundering. Not exactly a criminal mastermind.
Andrade now faces up to 30 years behind bars – 20 for wire fraud and another 10 for money laundering. Sentencing is scheduled for July 22, 2025. His assets linked to the fraud could be seized too. Despite the serious charges, he has remained free on bond since 2020 with travel restrictions in place. Tough break.
The scheme also implicated Jack Abramoff, the infamous lobbyist who already pleaded guilty in 2020 and paid over $50,000 in disgorgement and interest. Remember him from “Casino Jack”? Same guy.
This conviction highlights the growing scrutiny on cryptocurrency schemes, with agencies like the FBI, IRS Criminal Investigation unit, and DOJ stepping up their game against digital asset fraud. Unlike legitimate crypto trading on centralized exchanges, Andrade’s operation was designed to defraud from the start. The crypto Wild West days are numbered. Turns out, you actually can’t just make up magic internet money and pocket the cash. Who knew?
