Ever since Bitcoin entered the market and has astonished everyone with its working mechanism and use case, however, with BTC’s success, bad actors have consistently tried to mimic it in terms of name to defraud digital currency enthusiasts.
A similar case was reported in 2017 when a crypto project named AML Bitcoin was launched in the market and raised around $5.6 million in an ICO offering.
In its initial days, AML Bitcoin was promoted as the superior version of Bitcoin, which is now one of the most prominent and valuable cryptocurrencies in the market.
The United States Department of Justice said in its press release dated July 29, 2025, that Rowland Marcus Andrade, the Chief Executive Officer and founder of AML Bitcoin, has been jailed for 84 months in federal prison over wire fraud and money laundering.
It is worth noting that in March this year, Rowland Marcus was found guilty of wire fraud and money laundering in connection with the fraudulent marketing and sale of AML Bitcoin.
AML Bitcoin founder looted millions by false claims
As per the documents and evidence filed in the court, AML Bitcoin founder Rowland made false promises to the public and potential purchasers, also falsely claimed that AML Bitcoin is quite close to getting approval from the Panama Canal Authority, for the ships passing through the Panama Canal.
Yet it is worth noting that no such agreement or deal exists; documents note he looted investors out of approximately $10 million, from which a sum of $2 million was moved to maintain personal luxury, including buying two properties in Texas and two luxury automobiles.
The document also states that the founder of AML Bitcoin used dozens of bank accounts to launder the looted money, and to further divert it to new sources or to use to buy properties and luxury cars.
AML Bitcoin’s founder, Rowland, made false promises of innovation, but delivered nothing more than deception; he looted investors and innocent people by making them feel like they were investing in the future of digital currencies.
Several authorities and officials aware of the case said that Rowland didn’t have the intention to benefit people; instead, he and his helpers were busy looting funds from common investors to maintain a lavish lifestyle.
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