Reggie Fowler sentenced to 6 years in jail for crypto scam as ex-owner of Minnesota Vikings.

Reggie Fowler, a former owner of the NFL team Minnesota Vikings, has been sentenced to six years in prison by a New York judge for his involvement in a cryptocurrency fraud scheme. This scheme involved more than $700 million in unregulated transactions over a 10-month period in 2018.

The 63-year-old, who was convicted of bank fraud and money laundering, was sentenced to a total of 75 months. The US Attorney’s Office in New York released a statement on June 5, stating that Fowler’s sentence was a result of his involvement in processing hundreds of millions of dollars in unregulated transactions for cryptocurrency exchanges, acting as an illicit banking entity that evaded federal regulations.

Former co-owner of Minnesota Vikings sentenced to 75 months in prison for providing shadow banking services to cryptocurrency exchanges https://t.co/Nc2PVhEajw

— US Attorney SDNY (@SDNYnews) June 5, 2023

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Reggie Fowler: Deception And Misleading Tactics Unveiled

Fowler’s sentencing marks the end of a lengthy case that began with his arrest in 2019 for his alleged involvement in shadow banking activities. Shadow banking refers to non-bank entities engaging in bank-like operations, often of an illicit nature.

The particular shadow banking entity involved in this case was Crypto Capital Corp, which was established with the purpose of facilitating transactions for cryptocurrency startups that operated outside of the traditional banking system either by choice or necessity.

BTCUSD makes a sudden drop to the $25K level today. Chart: TradingView.com

Initially, Fowler pleaded not guilty to all charges in 2020. However, in April 2022, he changed his plea to guilty. In his recent statement, US Attorney Damian Williams highlighted that a series of falsehoods allowed Fowler to deceive and mislead several banks.

The Deceptive Web Of Global Trading Solutions & Crypto Capital

According to Williams, Fowler successfully executed his criminal activities by establishing Global Trading Solutions (GTS) in February 2018. GTS collaborated with Crypto Capital and various other cryptocurrency firms based in Israel.

Within this arrangement, Fowler, GTS, and the crypto firms employed deceitful tactics to bypass licensing requirements. They deceived banks by providing false information, allowing them to open accounts used for processing cryptocurrency transactions.

Williams said :

“At no point were Fowler, GTS, nor any of the crypto companies ever licensed as a money transmitting business in the United States, as required by federal law.”

Fowler took advantage of this setup by opening multiple undisclosed accounts, effectively facilitating the crypto transactions without the banks’ knowledge. Additionally, he failed to disclose GTS’s affiliation with the crypto firms, further obscuring the true nature of the operations.

In addition to the prison sentence imposed on Fowler, he has been ordered to forfeit a staggering $740 million.

-Featured image from XFL Newsroom

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