Crypto Fraudster Behind ‘AML’ Bitcoin Sentenced to 7 Years

The founder of a cryptocurrency called Anti-Money Laundering Bitcoin who was found guilty of defrauding investors out of millions of dollars was sentenced to seven years in federal prison Tuesday.

Judge Richard Seeborg’s sentence for Rowland Marcus Andrade—who pumped up the value of AML Bitcoin by lying about its features—falls between Andrade’s request for two years and the government’s request for 13 years.

“This case involves very serious and consequential criminal conduct,” said Seeborg, of the US District Court for the Northern District of California. “Mr. Andrade engineered what I think is a sophisticated fraud scheme.”

But the judge said ...