After years of making bold promises about revolutionary anti-money laundering cryptocurrency technology, Rowland Marcus Andrade‘s digital empire has finally crumbled. A federal jury in the Northern District of California convicted the self-styled crypto visionary on March 12, 2025, finding him guilty of wire fraud and money laundering after a grueling five-week trial.
Turns out, his much-hyped AML Bitcoin was mostly smoke and mirrors. Who could’ve guessed? The cryptocurrency, which supposedly featured groundbreaking anti-money laundering capabilities and biometric technologies, never actually materialized. Classic.
Another crypto miracle evaporates into thin air. Shocking absolutely nobody with a functioning brain cell.
Between 2017 and 2018, Andrade orchestrated an Initial Coin Offering through his NAC Foundation, raking in millions from hopeful investors. He claimed partnerships that didn’t exist, including an imminent deal with the Panama Canal Authority. He promised compliance with AML and KYC regulations. None of it was real.
Instead of developing the promised technology, Andrade diverted over $2 million to fund his lavish lifestyle. Luxury cars? Check. Multiple Texas properties? You bet. The money bounced between various bank accounts before landing in his pockets.
The feds weren’t amused. The FBI and IRS Criminal Investigation unit built a solid case, leading to criminal charges in June 2020. According to IRS Special Agent Linda Nguyen, Andrade employed money laundering tactics that were familiar to investigators. Andrade’s been free on a $75,000 bond since then, but his days of freedom are numbered.
The verdict carries serious consequences—up to 20 years for wire fraud and another 10 for money laundering. That’s three decades maximum. His sentencing is scheduled for July 22, 2025, when the court will determine just how many years he’ll spend behind bars.
This case isn’t isolated. Lobbyist Jack Abramoff, a co-conspirator in the scheme, already pleaded guilty in 2020. Acting US Attorney Patrick D. Robbins emphasized the government’s commitment to punishing financial exploitation of investors in his post-trial statement. Meanwhile, the SEC’s civil case against Andrade, temporarily stayed in January 2021, may resume once the criminal proceedings conclude.
For crypto investors who lost money on AML Bitcoin’s empty promises, the verdict offers cold comfort. But at least justice is served. Industry analysts note that Andrade’s scheme damaged market sentiment and contributed to heightened skepticism toward legitimate cryptocurrency projects.
