Rowland Marcus Andrade, founder of AML Bitcoin, was sentenced to seven years in federal prison for wire fraud and money laundering after having frauded investors by $ 10 million. Andrade made false complaints on the technology and business of the token, including a false agreement with the Panama Canal Authority. He abused more than $ 2 million for personal expenses such as luxury and real estate cars. A confiscation hearing for the return of victims is set for September 16. Andrade’s sentence begins on October 31, followed by three years of supervised release. The case also involved the lobbyist Jack Abramoff, who faced penalties for the promotion of LMA Bitcoin.
