Former Minnesota Vikings Co-Owner Slapped With 75 Month Jail Term for Processing $750M Worth of Crypto Transactions

U.S. Attorney’s Office for the Southern District of New York announced connected June 5 that the erstwhile co-owner of Minnesota Vikings, Reginald Fowler, has been sentenced to 75 months successful situation for processing much than $700 cardinal of unregulated transactions connected behalf of crypto exchanges. Folwer was besides ordered to wage a “forfeiture of $740,249,140.52 and restitution successful the magnitude of $53,189,261.80 to the Alliance of American Football.”

Fowler’s Lies ‘Exposed the U.S. Financial System to Serious Risk’

The U.S. Attorney for the Southern District of New York announced connected June 5 that Reginald Fowler, the erstwhile co-owner of Minnesota Vikings, has been sentenced to 75 months successful situation “for arranging to process much than $700 cardinal of unregulated transactions” connected behalf of cryptocurrency exchanges. In addition, Fowler has been ordered to wage a “forfeiture of $740,249,140.52 and restitution successful the magnitude of $53,189,261.80 to the AAF (Alliance of American Football).”

As per a statement issued by U.S. Attorney Damian Williams, Fowler was besides punished for misrepresenting the existent quality of his concern and for lying astir his nett worth. Detailing Fowler’s alleged transgression activities which besides threatened the country’s fiscal system, Williams said:

Reginald Fowler evaded national instrumentality by processing hundreds of millions of dollars of unregulated transactions connected behalf of cryptocurrency exchanges arsenic a shadiness bank. He did truthful by lying to morganatic U.S. fiscal institutions, which exposed the U.S. fiscal strategy to superior risk. He past victimized a nonrecreational shot league by lying astir his nett worthy successful speech for a important information of the league.

Fowler’s ‘Illegal Money Transmission Service’

Citing tribunal documents, U.S. Attorneys said sometime successful 2018, Fowler began moving with crypto companies that touted themselves arsenic platforms that enabled individuals to seamlessly swap fiat currency for cryptocurrency. However, astatine the time, galore United States-based banks were unwilling to person dealings with crypto exchanges. To flooded this challenge, Fowler’s crypto firms “lied to banks successful bid to unfastened accounts that were utilized to process cryptocurrency transactions without the banks’ knowledge.”

In conscionable 10 months of operating the unlicensed business, Fowler and his partners had “processed astir $750 cardinal successful cryptocurrency transactions successful assorted currencies.”

Concerning Fowler’s reported acquisition of a important involvement successful the American shot league, the connection claimed that the erstwhile co-owner of the Minnesota Vikings had “falsely claimed idiosyncratic ownership of GTS funds that, successful fact, belonged to clients of his amerciable wealth transmission service.”

In addition, U.S. attorneys besides accused Fowler of failing to disclose to the AAF the seizure of GTS funds by the authorities conscionable earlier his concern successful the league. Fowler’s lies are 1 of the factors that forced the AAF to state bankruptcy successful 2019, the attorney’s connection added.

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