On March 13th, COINOTAG News reported a significant legal development in the cryptocurrency sector. A federal jury in San Francisco has found Marcus Rowland Andrade, the founder of AML Bitcoin, guilty of federal wire fraud and money laundering charges. The case stems from Andrade’s involvement in a pump-and-dump scheme that occurred in 2017, resulting in millions of dollars in illicit gains. This verdict may lead to a lengthy prison sentence as Andrade, a businessman known for his past connections with controversial lobbyist Jack Abramoff, attempted to market AML Bitcoin as a “secure and reliable” financial solution. This ruling underscores the increasing scrutiny and regulatory challenges facing the crypto market, stressing the importance of adherence to legal frameworks in cryptocurrency investment.
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