According to The Block, NAC Foundation founder and CEO Rowland Marcus Andrade has been sentenced to 84 months in federal prison for wire fraud and money laundering related to cryptocurrency project AML Bitcoin.
The court found that Andrade defrauded investors of approximately $10 million between 2014 and 2019 by making false and misleading statements about AML Bitcoin's technology, business prospects and launch timeline. This included falsely claiming that the Panama Canal Authority was about to approve the use of AML Bitcoin. In addition, Andrade used more than $2 million of project funds for personal expenses such as purchasing Texas real estate and luxury cars.
AML Bitcoin founder sentenced to 7 years in prison for cryptocurrency fraud and money laundering
2025-07-30 02:12:50
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