Thursday, July 25, 2024

The U.S. Attorney’s Office for the Southern District of New York announced on June 5 that Reginald Fowler, the former co-owner of the Minnesota Vikings, has been sentenced to 75 months in prison. He was found guilty of facilitating over $700 million worth of unregulated transactions on behalf of cryptocurrency exchanges. Fowler was also ordered to forfeit $740,249,140.52 and pay restitution of $53,189,261.80 to the Alliance of American Football.

Fowler’s Actions Endangered the U.S. Financial System

The U.S. Attorney for the Southern District of New York stated that Reginald Fowler, the former co-owner of the Minnesota Vikings, has been sentenced to 75 months in prison for orchestrating more than $700 million in unregulated transactions for cryptocurrency exchanges. Fowler was also held accountable for misrepresenting his business activities and lying about his wealth. U.S. Attorney Damian Williams described Fowler’s criminal behavior, which posed a significant risk to the country’s financial system:

“Reginald Fowler evaded federal law by acting as a shadow bank and processing hundreds of millions of dollars in unregulated transactions for cryptocurrency exchanges. He deceived legitimate U.S. financial institutions, exposing the U.S. financial system to severe risks. Additionally, he defrauded a professional football league by fabricating his net worth in exchange for a substantial portion of the league.”

Fowler’s Unlawful Money Transmission Service

According to court documents, Fowler began collaborating with cryptocurrency companies in 2018, offering platforms that facilitated the seamless conversion of fiat currency to cryptocurrencies. However, due to the reluctance of many U.S.-based banks to engage with crypto exchanges, Fowler’s crypto businesses resorted to deceiving banks to open accounts for processing cryptocurrency transactions without the banks’ knowledge.

Within a ten-month period, Fowler and his associates processed around $750 million in various cryptocurrencies through their unlicensed operation.

Regarding Fowler’s reported ownership stake in the American football league, the statement alleges that he falsely claimed personal ownership of funds belonging to clients of his illegal money transmission service, GTS. Furthermore, U.S. attorneys accused Fowler of concealing the government’s seizure of GTS funds from the Alliance of American Football prior to his investment in the league. These lies contributed to the bankruptcy declaration of the AAF in 2019, as stated by the attorneys.

We welcome your thoughts on this story. Please share your comments in the section below.

Frequently Asked Questions (FAQs) about crypto transactions

What was Reginald Fowler sentenced for?

Reginald Fowler, the former co-owner of the Minnesota Vikings, was sentenced for processing over $700 million of unregulated transactions on behalf of cryptocurrency exchanges and for lying about his net worth.

How long is Reginald Fowler’s prison sentence?

Reginald Fowler has been sentenced to 75 months in prison for his involvement in processing unregulated crypto transactions.

What is the amount of forfeiture and restitution ordered for Reginald Fowler?

Reginald Fowler has been ordered to forfeit $740,249,140.52 and pay restitution in the amount of $53,189,261.80 to the Alliance of American Football.

How did Reginald Fowler conduct the unregulated transactions?

Reginald Fowler’s crypto firms lied to banks to open accounts that were used to process cryptocurrency transactions without the banks’ knowledge. This allowed them to overcome the reluctance of U.S.-based banks to deal with crypto exchanges.

How much money did Reginald Fowler’s crypto firms process in cryptocurrency transactions?

Within a ten-month period, Reginald Fowler and his partners processed approximately $750 million in cryptocurrency transactions involving various currencies.

How did Reginald Fowler’s lies affect the Alliance of American Football?

Reginald Fowler’s lies, including fabricating his net worth and failing to disclose the government’s seizure of funds, contributed to the bankruptcy declaration of the Alliance of American Football in 2019.

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6 comments

CryptoFan1 June 8, 2023 - 12:06 am

Wow, this is crazy news! Former co-owner of the Minnesota vikings got jail time for doing shady stuff with crypto transactions. $750M, can you believe it?

Reply
FootballFan88 June 8, 2023 - 12:06 am

Can’t believe someone involved in the NFL would be involved in such illegal activities. They deserve the punishment. Hope justice prevails!

Reply
CryptoEnthusiast23 June 8, 2023 - 12:06 am

Man, these unregulated transactions are a real problem. Fowler put the US financial system at risk, lying and deceiving everyone. Good thing he got caught!

Reply
SportsLover99 June 8, 2023 - 12:06 am

The Alliance of American Football took a big hit because of Fowler’s lies. Bankruptcy, really? It’s sad to see sports getting tangled up in these kinds of scandals.

Reply
CryptoTrader007 June 8, 2023 - 12:06 am

This shows the importance of regulation in the crypto world. People like Fowler give it a bad name. Let’s hope this serves as a lesson for others.

Reply
VikingsFan24 June 8, 2023 - 12:06 am

What a shame for the Vikings! Former co-owner involved in illegal crypto transactions. They should have done better background checks. Disappointing, really.

Reply

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