Rowland Marcus Andrade, founder and CEO of NAC Foundation, has been sentenced to seven years in federal prison for wire fraud and money laundering related to the cryptocurrency project AML Bitcoin. The U.S. Department of Justice confirmed Andrade defrauded investors of nearly $10 million between 2014 and 2019 through false claims about the coin's capabilities, launch timeline, and business partnerships.
Prosecutors revealed Andrade fabricated claims of a partnership with the Panama Canal Authority, asserting AML Bitcoin would be used for canal transactions, which never existed. U.S. Attorney Craig Missakian stated: "He exploited investors who put their trust in him, not knowing their money funded his lavish lifestyle" – referencing Andrade's misuse of $2 million for Texas real estate and luxury vehicles.
Andrade's sentence, commencing October 31, 2025, includes three years of supervised release. A September 16 restitution hearing will determine victim compensation amounts, with forfeiture of illicit assets ordered by Chief Judge Richard Seeborg. The sentencing fell below prosecutors' 17.5-year request but exceeded Andrade's plea for two years.
Separately, political lobbyist Jack Abramoff was fined $55,000 and barred from securities offerings in 2020 for promoting AML Bitcoin, adding to the project's controversial history.