AML Intelligence
Business Intelligence on AML and Financial Crime for Executive Leaders

Regulatory

AML Bitcoin CEO facing jail time

Blockchain

By Elizabeth Hearst

The founder of Anti-Money Laundering Bitcoin, Roland Marcus Andrade, has been indicted for fraud and money laundering in the United States. 

The Department of Justice (DOJ) indicted Andrade on charges of money laundering and wire fraud charges on June 22nd. The U.S. Securities and Exchange Commission also filed charges on Andrade, alleging that his company AML Bitcoin violated federal securities laws. 

Founder of NAC foundation and AML Bitcoin, Andrade was charged with fraud after he allegedly raised funds through promising a coin transfer for tokens representing AML bitcoin, a falsified bitcoin currency. 

The SEC and DOJ also charged former Washington DC lobbyist Jack Abramoff on conspiracy, lobbying discourse and deceptive practices. According to Bloomberg, he is due to plead guilty and may face up to five years in prison. 

According to the court filing, Andrade raised $5.6 million through 2,400 investors. The NAC claimed in 2018 that “AML Bitcoin the world’s only patent-pending digital currency with anti-money laundering, know-your-customer, anti-terrorism and theft-resistant properties.”

Andrade and unnamed colleagues are accused of making “public statements and statements to potential purchasers” that “misrepresented the state of the development” of the project. They are accused of creating a fake “rejection campaign”, about the NAC working closely with government agencies and misappropriated money obtained through the sale of AML Bitcoin.