Rowland Marcus Andrade, the founder of a cryptocurrency exchange called AML Bitcoin, was found guilty of wire fraud and money laundering in a California court. In a trial that concluded on March 12, a jury determined that Andrade engaged in a scheme to defraud investors by making false claims about the capabilities of AML Bitcoin. The U.S. Securities and Exchange Commission (SEC) had previously filed charges against him in June 2020, citing that Andrade misrepresented the cryptocurrency's compliance with anti-money laundering regulations. During the years 2017-2018, Andrade conducted an initial coin offering, collecting over $2 million, which he misappropriated for personal expenses such as luxury cars and real estate. A judge stayed the SEC's civil case against Andrade pending the outcome of his criminal trial, but the SEC may soon resume its litigation. Andrade, currently free on a $75,000 bond, faces a maximum of 30 years imprisonment across both charges, with a sentencing hearing set for July 22.

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