The US government agencies have charged two men involved in AML BitCoin, which is an attempted Bitcoin knockoff, with financial crimes. The Department of Justice has charged Rowland Marcus Andrade, the founder of AML BitCoin and the NAC Foundation, with money laundering and wire fraud. The alleged crypto scam AML Bitcoin raised $5.6 million during its ICO, and Andrade encouraged at least one investor to spend $1 million. It is also alleged that he misspent a portion of those funds on personal property.
Lobbyist Jack Abramoff allegedly misled investors.
The DC lobbyist Jack Abramoff allegedly misled investors in the project. He has been charged by the US Securities and Exchange Commission (SEC) on the same count. According to a court filing, Texas resident Rowland Marcus Andrade, the founder of the NAC Foundation, allegedly raised funds by conducting an ICO for tokens representing AML Bitcoin, promising investors that the tokens would ultimately be converted into actual AML Bitcoin. The AML Bitcoin has nothing to do with the actual leading cryptocurrency bitcoin. The US SEC and DOJ also charged the DC lobbyist Jack Abramoff on conspiracy, lobbying disclosure and deceptive practices counts.
DC lobbyist Jack Abramoff to plead guilty.
According to the Bloomberg report, Abramoff will plead guilty and pay more than $50,000 in disgorgement and interest. The DoJ filing states that in its White Paper, the NAC Foundation claimed AML Bitcoin cryptocurrency would include features that would allow the crypto to comply with anti-money laundering regulations. The company had claimed that the crypto would be compliant by using ‘biometric technologies’ among other methods to confirming the identities of participants in transactions using AML Bitcoin. Earlier in 2018, NAC Foundation claimed that the AML Bitcoin was the world’s only patent-pending digital currency with anti-money laundering, know-your-customer, anti-terrorism and theft-resistant properties. Earlier, the US Supreme Court had limited the amount of fine that the SEC can impose on crypto firms for breaking laws.
