CEO of NAC Foundation sentenced to 7 years in prison for fraud related to AML Bitcoin

TapChiBitcoin

2025-07-29 19:45:38

BTC5,63%

Rowland Marcus Andrade, the founder and CEO of NAC Foundation – the organization behind the AML Bitcoin project – has been sentenced to 84 months in federal prison for fraud and money laundering.

According to the U.S. Department of Justice, from 2014 to 2019, Andrade raised approximately 10 million USD from investors through false statements about technology, business potential, and the launch timeline of AML Bitcoin. One of the fraudulent claims included stating that the Panama Canal regulator was about to approve the use of AML Bitcoin – which was entirely untrue.

The court determined that Andrade had spent over 2 million USD of investor money for personal purposes, including purchasing real estate in Texas and two luxury cars.

The hearing on compensation and asset confiscation will take place on September 16, 2025. Andrade’s 7-year prison sentence will start from October 31, 2025.

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