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Minnesota Vikings Co-Owner Helps Crypto Exchanges Dodge Rules

Minnesota Vikings Co-Owner Helps Crypto Exchanges Dodge Rules

  • Former Vikings minority owner sentenced to 7 years for aiding crypto money laundering.
  • Reginald Fowler pleaded guilty to 5 charges, including bank and wire fraud.
  • Misrepresented funds led to Fowler’s investment stake in AAF, contributing to its collapse.

A recent Bloomberg report suggests that a former minority owner of the Minnesota Vikings football team will face seven years in prison, according to prosecutors who revealed the information to a federal judge in New York. The alleged owner will also forfeit more than $740 million for his role in assisting cryptocurrency exchanges in circumventing anti-money laundering regulations.

According to the report, former minority shareholder, Reginald Fowler, is scheduled to be sentenced by a United States District Judge in Manhattan. In April 2022, the businessman, who was 64 years old at the time, entered a guilty plea to all five charges against him, including bank and wire fraud and conspiracy to run an unauthorized money transmission company.

The prosecutors had accused Fowler of forming Global Trading Solutions LLC, which collaborated with another business called Crypto Capital to enable the trading of digital currencies for fiat currency. Fowler reportedly created many bank accounts in the United States by fraudulently stating that they were for real estate investment transactions when, in reality, their actual purpose was to conduct cryptocurrency transactions.

Moreover, Fowler’s criminal activities were not limited to aiding cryptocurrency exchanges to evade money-laundering regulations. According to the United States Department of Justice, Fowler defrauded the Alliance of American Football (AAF) by falsely claiming that millions of dollars belonging to Crypto Capital and/or Global Trading Solutions customers were his assets. Fowler used these misrepresented funds to secure his investments in the AAF, which led to his acquisition of a significant investment stake in the organization. However, Fowler could not fund his investment in the AAF, and his fraudulent activities ultimately contributed to the organization’s downfall.

The post Minnesota Vikings Co-Owner Helps Crypto Exchanges Dodge Rules appeared first on Coin Edition.

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