The founder of AML Bitcoin, Rowland Marcus Andrade, has been sentenced to seven years in prison for wire fraud and money laundering. Prosecutors say he defrauded investors of $10 million and used $2 million from AML Bitcoin sales for personal expenses, including luxury vehicles. Andrade made false claims about the token’s technology and business deals, deceiving investors.

Andrade’s sentence falls short of the government’s request for 17.5 years behind bars. He must forfeit assets to reimburse victims. The court will determine the restitution amount on Sept. 16. Andrade’s prison term begins on Oct. 31, followed by three years of supervised release with court stipulations.

Political lobbyist Jack Abramoff was ordered to pay $55,000 for promoting AML Bitcoin in 2020 and is permanently barred from securities offerings. Abramoff admitted to fraud and conspiring to bribe public officials in a Native American casino scandal. A judge stayed an SEC lawsuit until the conclusion of Andrade’s criminal case, allowing parties to request a status hearing within 30 days of resolution.

Read more at Cointelegraph: AML Bitcoin Maker Sentenced to 7 Years in Prison