In a LinkedIn profile, he touted AML Bitcoin as “perhaps the first and possibly only coin that, because of its structure, is compliant with anti-money laundering, anti-terrorism and anti-terrorist financing laws, bank secrecy laws, know-your-customer laws, and anti-financial crimes laws both in the United States and abroad.”

Prosecutors showed at trial that Andrade diverted more than $2 million from the coin’s sales for personal expenses, including two Texas properties and two luxury automobiles, and laundered investor funds through various bank accounts before using the money for the purchases.

“Fraudsters often tout new and innovative technology in order to raise money from investors. But raising money through lies and misrepresentations is neither new nor innovative,” acting U.S. Attorney Patrick D. Robbins said in a statement Thursday. “It’s unlawful, plain and simple.”

Andrade’s lawyer sought to push blame for the scheme away from his client onto others involved in the company. Among them were lobbyist Jack Abramoff and other partners, according to Bloomberg Law. “He was swimming with the sharks,” defense attorney Michael Shepard said during opening statements. Abramoff, who gained notoriety for a D.C. lobbying scandal in 2005 and was portrayed by Kevin Spacey in the 2010 film “Casino Jack,” pleaded guilty in 2020 to conspiring to commit wire fraud and defrauding investors for his role in promoting AML Bitcoin.

Andrade’s sentencing is slated for July 22. He faces up to 20 years in prison for wire fraud and 10 years for money laundering, as well as forfeiture of property connected to his crimes.