AML Bitcoin creator convicted of wire fraud, money laundering

With the pending conclusion of the criminal case, the SEC could now move forward with civil litigation after a judge signed off on staying the lawsuit in January 2021.

The founder of a cryptocurrency exchange whose namesake was tied to Anti-Money Laundering (AML) was found guilty of wire fraud and money laundering in a California court.

In a March 12 trial in the US District Court for the Northern District of California, a jury found AML Bitcoin creator Rowland Marcus Andrade guilty of two felony counts as part of a scheme to defraud investors.

Authorities initially filed criminal charges against Andrade in June 2020 in parallel to a civil case filed by the US Securities and Exchange Commission (SEC) against the AML Bitcoin creator and the NAC Foundation, for which he was the founder and CEO.

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