The founder of AML Bitcoin has been accused of electronic fraud and money laundering. The Federal Court accused Rowland Marcus Andrade to disappoint investors in a scheme that involves the sale of a digital currency that claimed to comply with the regulations against money laundering. Andrade allegedly said that AML Bitcoin had associations with government agencies and financial institutions.
The accusation states that Andrade raised more than $ 5 million from investors under false pretensions, using funds for personal expenses such as rent, vehicles and a game habit. The alleged scheme began in 2017 and continued until 2019, despite the warnings of regulators about the legitimacy of AML Bitcoin.
The authorities also accused Andrade of creating a false narrative around AML Bitcoin by manufacturing evidence of non -existing associations and regulatory approvals. Despite these statements, the cryptocurrency failed to gain traction in the market, and investors were with significant losses.
Andrade’s accusation serves as a warning story for investors in the cryptocurrency space, highlighting the importance of carrying out due diligence exhaustive before investing in any digital asset. Regulators continue to take energetic measures against fraudulent schemes in the industry to protect consumers from financial damage.
