$BNB

According to CoinDesk, a federal jury in the Northern District of California has convicted cryptocurrency entrepreneur Rowland Marcus Andrade of wire fraud and money laundering related to the sale of AML Bitcoin tokens. The charges are linked to an initial coin offering conducted by Andrade in 2017 and 2018. Court documents revealed that Andrade, a resident of Texas, misled investors by claiming that AML Bitcoin tokens would be converted into a tradeable cryptocurrency, which never materialized. This conviction concludes one of the earliest and most prolonged crypto "pump-and-dump" cases prosecuted by U.S. federal authorities.The U.S. Department of Justice identified Jack Abramoff, a well-known D.C. lobbyist, as a co-conspirator in the case. Abramoff pleaded guilty in 2020 and paid over $50,000 in disgorgement and interest. He is notably recognized for his role in a federal corruption scandal that led to his imprisonment and was portrayed in the film "Casino Jack." The Department of Justice's statement accused Andrade of misappropriating over $2 million from the sale of AML Bitcoin, using the funds for personal expenses, including purchasing two properties in Texas and two luxury vehicles.Additionally, Andrade falsely asserted that the Panama Canal Authority was nearing an agreement to allow AML Bitcoin for transactions involving ships passing through the canal, a claim that was unfounded. Acting United States Attorney Patrick D. Robbins emphasized the unlawful nature of raising funds through deceit, stating, "Fraudsters often tout new and innovative technology in order to raise money from investors. But raising money through lies and misrepresentations is neither new nor innovative. It's unlawful, plain and simple." Robbins warned that those who deceive investors for personal gain would be held accountable.Andrade is set to be sentenced in July. The Department of Justice's press release indicated that he faces a maximum sentence of 20 years in prison for wire fraud and 10 years for money laundering, along with the forfeiture of all property linked to his fraudulent activities, including the properties acquired in Texas.