AML Bitcoin founder sentenced to 7 years in prison for cryptocurrency fraud and money laundering

According to The Block, Rowland Marcus Andrade, founder and CEO of NAC Foundation, has been sentenced to 84 months in federal prison for telecom fraud and money laundering related to the cryptocurrency project AML Bitcoin. The court found that Andrade defrauded approximately $10 million from investors between 2014 and 2019 by making false and misleading statements about AML Bitcoin's technology, business prospects, and release schedule. This includes false claims that the Panama Canal Authority is about to approve the use of AML Bitcoin. In addition, Andrade will allocate over $2 million in project funds towards personal expenses such as purchasing Texas properties and luxury cars.