AML Bitcoin Lobbyist Jack Abramoff Pleads Guilty For Illegally Raising $5.6 Million

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Jack Abramoff is an American lobbyist, businessman, movie producer, and now a convicted fraudster.
  • Jack Abramoff has reportedly pleaded guilty to the charges of defrauding investors and conspiring to commit wire fraud. 
  • This 61-year-old fraudster pleaded guilty on the 14th of July utilizing a telephone.

Jack Abramoff is an American lobbyist, businessman, movie producer, and now a convicted fraudster. Jack Abramoff has reportedly pleaded guilty to the charges of defrauding investors and conspiring to commit wire fraud. 

Not only this, but he also violated the Lobbying Disclosure Act relating to the 2018 initial coin offering (ICO) for AML Bitcoin. 

This 61-year-old fraudster pleaded guilty on the 14th of July utilizing a telephone. He joined a teleconference meeting with the federal judge as he couldn’t appear in person due to the coronavirus pandemic

AML Bitcoin Scam

In 2006, jack apprehended and sent to prison for six years for conspiring a lobbying scandal. When he was working for AML Bitcoin, Jack found to have lobbied a sitting member of Congress even though he was not a registered lobbyist. 

Jack also charged for lobbying a member of Congress on behalf of an undercover FBI agent posing as a businessman. 

The scams mentioned above asserted by his prosecutors and have also confirmed that he pleaded guilty to commit a felony on accounts of illicit lobbying practices. 

Details of the teleconference meeting

According to sources, Jack Abramoff didn’t have much choice. He answered in a simple ‘yes’ and ‘no’ format to questions asked by the judge. So, when asked how he wanted to plead to charges faced by him for defrauding investors, he said, ‘Guilty, Your honor.’

Since Jack stays in Maryland, he explained the difficulties of appearing in person during this global pandemic and asked the court to hold its proceedings over a teleconference meeting. 

The US District Judge, Richard Seeborg, has sentenced Abramoff to prison for five years for each count. 

When asked about his crimes, jack accepted the charges misleading investors while promoting a blockchain-based digital token AML Bitcoin. He was a part of the NAC Foundation when he illicitly raised nearly $5.6 million from more than 2,400 investors. The company’s founder, Rowland Marcus Andrade, was also a partner in crime, and now he also faces criminal charges.

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