Date: March 12, 2025
Contact: newsroom@ci.irs.gov
SAN FRANCISCO — A federal jury today convicted Rowland Marcus Andrade of wire fraud and money laundering in connection with the fraudulent marketing and sale of a cryptocurrency called 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 jury reached its verdict following a five-week trial before Chief U.S. District Judge Richard Seeborg.
According to court documents and evidence presented at trial, Andrade of Texas, made false statements to the public and potential purchasers of AML Bitcoin misrepresenting the development of the technology, its viability, potential business deals, and release date. Andrade falsely claimed, among other misrepresentations, that the Panama Canal Authority was close to permitting AML Bitcoin to be used for ships passing through the Panama Canal when no such agreement existed.
According to the evidence presented at trial, Andrade diverted more than $2 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 automobiles. The jury also found that Andrade laundered investor funds through various bank accounts and then used the funds for his personal expenses and the purchase of the properties and automobiles.
“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. “If you deceive investors to enrich yourself and spend their money on personal expenses, homes, and property, you will be held to account.”
“Mr. Andrade’s outrageous lies lured and scammed individuals into investing their hard-earned money into a new cryptocurrency with fabricated features,” said IRS Criminal Investigation (IRS-CI) Oakland Field Office Special Agent in Charge Linda Nguyen. “But there is nothing advanced about this scheme. Rowland Marcus Andrade stole money from innocent people and used it to further his personal wealth. His attempts to launder and layer ill-gotten gains is what experts at IRS-CI investigate to follow the money and build cases that lead to justice.”
“Marcus Andrade misled investors, manipulated trust, and exploited the promise of innovation for personal gain,” said FBI Special Agent in Charge Sanjay Virmani. “Today’s verdict reaffirms the FBI’s commitment to protecting the integrity of our financial markets and ensuring that those who engage in financial fraud are held accountable.”
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.
Assistant U.S. Attorneys Christiaan Highsmith, David Ward, and Matthew Chou are prosecuting the case, with the assistance of Tina Rosenbaum. The prosecution is the result of an investigation by the IRS-CI and FBI.
IRS-CI is the criminal investigative arm of the IRS, responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money-laundering, public corruption, healthcare fraud, identity theft and more. IRS-CI special agents are the only federal law enforcement agents with investigative jurisdiction over violations of the Internal Revenue Code, obtaining a 90% federal conviction rate. The agency has 20 field offices located across the U.S. and 14 attaché posts abroad.