Rowland Marcus Andrade, the founder of AML Bitcoin, has been sentenced to seven years in prison for wire fraud and money laundering, having defrauded investors of $10 million. The U.S. Department of Justice revealed that Andrade misappropriated $2 million from AML Bitcoin sales for personal expenses, including luxury properties and vehicles. He misled investors with false claims about the token's technology and business agreements, notably asserting that the Panama Canal Authority would permit its use for ships, which was untrue. Although prosecutors sought a 17.5-year sentence, Andrade received a lesser term. U.S. Attorney Craig Missakian criticized Andrade for creating a facade of legitimacy to exploit investors. Andrade is also required to forfeit assets to compensate victims, with the forfeiture amount to be determined on September 16. Following his prison term, he will face three years of supervised release. Additionally, political lobbyist Jack Abramoff was fined for promoting AML Bitcoin and barred from securities offerings. Read more AI-generated news on: https://app.chaingpt.org/news

#BTC