The perpetrator of the hoax was a Canadian woman Andersen never met, attorney Mark Bryant told ABC News.
"What we are led to believe is this person assumed Mr. Andersen's identity via Internet sources and was using that for profit, relationships and gifts," Bryant said.
Canadian police said they had mounted an investigation with the Colorado sheriff's office, and charged one woman, but declined to say whether Andersen was a victim.
Shelly Lynn Chartier, 29, was arrested in January and charged with the possession and transmitting child pornography, impersonation, extortion and making threats.
Lisa Pinto, a spokeswoman for the 18th Judicial District in Colorado, said prosecutors are not planning to charge Andersen.
"Of course, he is glad his name is being restored. He knew it from the beginning," Bryant said.
In May 2012, detectives raided Andersen's home after receiving a tip.
Authorities seized Andersen's computer and sent it to an FBI laboratory.