‘Casino Jack’ Abramoff could return to prison. The US Department of Justice charged Jack Abramoff and Rowland Marcus Andrade “with fraud in connection with $5 million initial coin offering of cryptocurrency AML bitcoin.”
It’s been more than 14 years since Jack Abramoff pleaded guilty in one of the largest lobbying scandals in American history in Washington. In two different schemes, one of which includes a crypto-currency project named “AML bitcoin,” in which he reportedly helped Andrade defraud investors, the 62-year-old has now agreed to enter guilty pleas on charges.
The DOJ reports that “Andrade and Abramoff conspired to make false and misleading statements to potential purchasers of a proposed new cryptocurrency called AML bitcoin”.
The document states that “Andrade claimed to be the creator of AML bitcoin and inventor of its technology that purportedly would prevent money laundering and anonymous use through ‘biometric technologies”. He further “claimed this technology would allow the AML bitcoin cryptocurrency to comply with anti-money laundering and know-your-customer laws and regulations.”
“Andrade defrauded investors by misusing funds that were raised and laundered funds that were illegally obtained.” it added.
Abramoff has been charged with one count of conspiracy and one count of violating the provisions of the Lobbying Disclosure Act. The DOJ wrote that “Abramoff faces a maximum sentence of 5 years, and a fine of $250,000 for violation of 18 U.S.C. § 371, and a maximum sentence of 5 years and a fine of $250,000, for violation of 2 U.S.C. § 1606(b),”
In addition, the U.S. Securities and Exchange Commission (SEC) has separately filed civil charges against both Abramoff and Andrade over the AML bitcoin cryptocurrency scheme for “alleging securities fraud and acting as unregistered brokers of securities, among other charges,” the DOJ described.
According to U.S. Attorney David Anderson, Abramoff has agreed to plead guilty to criminal conspiracy charges and a criminal violation of the Lobbying Disclosure Act in the AML bitcoin case and could face up to five years in prison.
[image: Emiliano Bar]