Rowland Marcus Andrade was sentenced to seven years in prison for making the cryptocurrency AML Bitcoin, which defrauded investors out of $10 million.
The founder of a crypto token called AML Bitcoin has been sentenced to seven years in prison after being found guilty earlier this year of wire fraud and money laundering.
The US Department of Justice said on Tuesday that Rowland Marcus Andrade defrauded investors out of $10 million and used $2 million from the sale of AML Bitcoin to fund his personal expenses, including purchasing properties and luxury vehicles.
Prosecutors said Andrade also deceived investors by making false claims about AML Bitcoin’s technology and its business deals, one of which saw him claim that the Panama Canal Authority would allow the token “to be used for ships passing through the Panama Canal when no such agreement existed.”
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