Rowland Marcus Andrade, the founder and CEO of NAC Foundation, was sentenced to 84 months in federal prison on Tuesday for wire fraud and money laundering tied to a cryptocurrency called AML Bitcoin.
According to the U.S. Department of Justice, AML Bitcoin was a scheme between 2014 and 2019 that raised around $10 million from investors through false and misleading claims about the cryptocurrency’s technology, business potential and launch timeline. NAC Foundation was the company behind the project.
“The defendant made one false claim after another about a sophisticated cryptocurrency offering to create the illusion of a legitimate business,” said U.S. Attorney Craig H. Missakian. “He exploited numerous investors who put their trust in him, not knowing that their hard-earned money was in fact funding his lavish lifestyle.”
In one instance, Andrade falsely claimed that the Panama Canal Authority was close to approving AML Bitcoin for use by ships passing through the canal, even though no such agreement existed.
The court also found that Andrade laundered and spent over $2 million in proceeds from AML Bitcoin on personal expenses, including two real estate properties in Texas and two luxury cars.
A hearing to determine victim restitution and forfeiture from Andrade is scheduled for Sept. 16, 2025. His seven-year prison sentence is set to begin on Oct. 31, 2025.
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