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‘AML’ Cryptocurrency Developers Face US Criminal Charges

By Valentina Pasquali

U.S. prosecutors accused infamous lobbyist Jack Abramoff, his partner and an entity they own with duping more than 2,400 investors into financing the development of a new cryptocurrency that they fraudulently claimed incorporated enhanced anti-financial crime controls. Abramoff, Rowland Marcus Andrade and the Nevada-based NAC Foundation, of which Andrade was chief executive, raised roughly $5.6 million from August 2017 to December 2018 through an unlicensed initial coin offering for AML BitCoin, according to civil and criminal complaints by the Securities and Exchange Commission and federal prosecutors in California. They promoted the digital token as "superior" to the original Bitcoin thanks...

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