AML Bitcoin Founder Sentenced to 7 Years for Multimillion-Dollar Crypto Fraud and Money Laundering
By Danny Park | July 29, 2025
Rowland Marcus Andrade, the founder and CEO of NAC Foundation and the creator of the cryptocurrency project AML Bitcoin, has been sentenced to 84 months (7 years) in federal prison for orchestrating a multimillion-dollar fraud and money laundering scheme.
The U.S. Department of Justice revealed that Andrade ran a deceptive operation between 2014 and 2019, raising approximately $10 million from investors by making false and misleading claims about AML Bitcoin’s technology, business prospects, and launch timeline. The scheme was presented under the NAC Foundation, the company behind AML Bitcoin.
According to court documents, Andrade “made one false claim after another about a sophisticated cryptocurrency offering to create the illusion of a legitimate business,” said U.S. Attorney Craig H. Missakian. “He exploited numerous investors who put their trust in him, not knowing that their hard-earned money was in fact funding his lavish lifestyle.”
One notable falsehood involved Andrade’s claim that the Panama Canal Authority was on the verge of approving AML Bitcoin for use by ships transiting the canal. This assertion was entirely fabricated, as no such agreement or discussions had taken place.
In addition to defrauding investors, Andrade laundered and squandered over $2 million in illicit proceeds on personal luxuries. This included the purchase of two real estate properties in Texas and two high-end luxury vehicles.
A federal hearing to determine victim restitution and asset forfeiture will take place on September 16, 2025. Andrade’s prison term is scheduled to begin on October 31, 2025. This case highlights ongoing risks within the cryptocurrency industry, where fraudulent schemes continue to exploit investor trust with false promises of innovative technology and swift returns.
About the author:
Danny Park is an East Asia reporter at The Block, specializing in Web3 developments and crypto regulations. Previously, he covered major crypto collapses including Terra-Luna and FTX. He is based in Seoul and holds a degree in Journalism and Business Marketing from the University of Hong Kong.
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