The known political lobbyist Jack Abramoff pleaded guilty to the charges against Conspiracy to defraud investors, conspiracy to commit wire fraud and violations of the Lobbying Disclosure Act in connection with the Initial Coin Offering (ICO) 2018 for AML BitCoin.
Abramoff pleaded guilty over the phone on July 14. admit to stealing millions of dollars from investors through the ICO. The explanation marks the first Persecution of a lobbyist for a criminal violation of the Lobbying Disclosure Act.
The founder of AML BitCoin, Rowland Marcus Andradeis currently fighting the Criminal charges related to crypto offeringsafter making a non-guilty plea on July 8.
Abramoff was commissioned by Andrade to develop a PR and marketing campaign for the ICO, by which he admits that he has given false and misleading information about the technical capabilities and development of the Cryptoactive.
AML BitCoin raised $ 5.6 million
Prosecutors allege that Abramoff and Andrade received $ 5.6 million from their National AtenCoin Foundation from more than 2,400 investors.based in Nevada or NAC – the company that carried out the ICO.
The NAC Foundation started around July 2017 Spending tokens to seemingly raise money to develop AML BitCoin promising investors that the tokens can be exchanged for this cryptocurrency if it is introduced in another six months.
AML BitCoin was advertised on platforms and social forums as a superior version of Bitcoin (BTC). According to a parallel investigation launched by the U.S. Securities and Exchange Commission (SEC), this provided integrated protection against money laundering, terrorist financing and theft risks. The SEC found that none of the capabilities mentioned existed.
Abramoff was sentenced to six years in prison in 2006
While you work for AML BitCoin, Abramoff was also found to have put pressure on a seated member of Congress on behalf of a California cannabis company, although it is not a registered lobbyist.
Prosecutors say Abramoff also pressured a member of Congress on behalf of a covert FBI agent who claims to be a businessman.
Abramoff became known as a conservative lobbyist in the 1990sand was sentenced to prison in 2006 upon request Blame for serious crimes related to illegal lobbying practices.