A federal jury in the Northern District of California on Wednesday condemned the cryptocurrency businessman Rowland Marcus Andrade de Fraud cable and money laundering connected to the sale of a token called AML Bitcoin.
The positions were derived from an initial currency offered by Andrade made for AML Bitcoin in 2017 and 2018. The first judicial presentations covered by Coindesk, alleged Andrade, a Texas resident, falsely told investors that Aml Bitcoin Tokens would finally become a commercial negotiation bitco coin of commercial negotiation.
The conviction marks the conclusion of one of the first cryptographic cases of “bomb and fall” of longer duration to involve federal prosecutors in the United States.
The Department of Justice appointed the famous DC Cabred Jack Abramoff as co-conspirator and declared himself guilty in 2020, paying more than $ 50,000 on the rise and interest. Abramoff is better known for his participation in a federal corruption scandal that resulted in his imprisonment and was represented in the film “Casino Jack.“
A statement published by the United States Department of Justice accused Andrade of diverting “more than $ 2 million in income from the sale of AML Bitcoin” and use it in “personal expenses, including the purchase of two properties in Texas and two luxury cars.”
According to the statement, Andrade also falsely said that the Panama Canal Authority was close to allowing AML Bitcoin to be used for ships passing through the Panama Canal when there was no agreement.
“Scammers often promote new and innovative technology to raise money from investors. But raising money through lies and misrepresentations is neither new nor innovative. It is illegal, simple and simple,” said the interim prosecutor of the United States, Patrick D. Robbins. “If you deceive investors to enrich and spend your money on personal expenses, homes and properties, you will be considered account.”
Andrade is scheduled to be sentenced in July. According to the DOJ press release, “faces a maximum penalty of 20 years in prison for the electronic fraud count and 10 years in prison for the money laundering count, and the loss of all the properties that can be traced to its electronic fraud and money laundering rapes, including the property that Andrade bought in Texas.”
