Yesterday, Live Bitcoin News reported that Jack Abramoff – a notorious lobbyist – had pled guilty to fraud and now faces potential jail time following charges from the Securities and Exchange Commission (SEC). Now, it appears Abramoff’s alleged partner in crime – Rowland Marcus Andrade – is the subject of a potential extortion campaign. At least that’s what he’s claiming.Andrade: I’m the Victim, HereBoth Andrade and Abramoff were potentially involved in a phony initial coin offering (ICO) for a company called AML Bitcoin, aka BitCoin. The two managed to raise more than million from over 2,000 separate investors for the project. However, the SEC filed charges against both men and sued them for releasing a coin that wasn’t entirely ready. Thus, the organization claims that the two men
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Nick Marinoff considers the following as important: Altcoin News, AML BitCoin, Jack Abramoff, News, Rowland Andrade
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Yesterday, Live Bitcoin News reported that Jack Abramoff – a notorious lobbyist – had pled guilty to fraud and now faces potential jail time following charges from the Securities and Exchange Commission (SEC). Now, it appears Abramoff’s alleged partner in crime – Rowland Marcus Andrade – is the subject of a potential extortion campaign. At least that’s what he’s claiming.
Andrade: I’m the Victim, Here
Both Andrade and Abramoff were potentially involved in a phony initial coin offering (ICO) for a company called AML Bitcoin, aka BitCoin. The two managed to raise more than $5 million from over 2,000 separate investors for the project. However, the SEC filed charges against both men and sued them for releasing a coin that wasn’t entirely ready. Thus, the organization claims that the two men lied to their investors.
The currency was allegedly going to be built with all these anti-fraud and anti-money laundering qualities, yet when the currency was released for purchase, these qualities weren’t ready. In addition, Abramoff is alleged to have lobbied for the currency through a member of Congress without obtaining the proper qualifications to serve as a lobbyist.
As Abramoff has already pled guilty in the case, Andrade says that his former business partner is now attempting to extort him, and that he is the victim of “government corruption.” On Twitter, he writes that the charges against him are false and stated:
Abramoff was working with the government and tried to get me to sell my company for $100 million. Then, they demanded that I pay Abramoff $40 million so he could spread the wealth. If I had no technology that is completed right now and trading, then why were they trying to force me to sell it? This is just an attempt by the government to destroy my company since I refused to play ball.
Andrade says that the coin his company has created is legitimate and valid, pointing to the fact that the LBank crypto exchange is already trading the currency. He now says that the government of the United States is working to steal his coin’s design and use it to develop a competing currency based on his own ideas and technological knowledge.
He explained:
The U.S. government is now trying to create their [sic] own compliant digital currency based off of my technology and they clearly see me as a threat.
Who’s Real and Who Isn’t?
Among the SEC’s primary witnesses is an anonymous figure simply labeled as “victim one” at the time of writing. Currently, the name of victim one remains unknown, though the SEC claims this person gave as much as $1 million to the AML Bitcoin project. Andrade believes the SEC has made the person up, stating:
It was the government who contacted “victim one” and suggested to him that he had been defrauded.