Reginald Fowler, 63, was previously part owner of the Minnesota Vikings. According to US law enforcement, he organized a financial scheme to work with cryptocurrency firms. At the same time, the scheme itself worked for 10 months in 2018, and Fowler was arrested in 2019. Initially, he declared his innocence, but in 2022 he pleaded guilty.
“Reginald Fowler circumvented federal laws and processed hundreds of millions of dollars worth of transactions from cryptocurrency exchanges. This is called shadow banking. He lied to financial regulators, which put the US financial system at serious risk,” said U.S. Attorney Damian Williams.
According to the US Attorney’s Office, Fowler founded Global Trading Solutions (GTS), which has worked with crypto firm Crypto Capital and several other companies in the digital asset space. Interestingly, iFinex, the company behind the Bitfinex exchange and Tether, also used GTS services.
Fowler was sentenced to 6 years in prison for digital fraud and money laundering. He must also hand over $740 million in illegal proceeds and $53 million in fines to the state.
Recall that recently the US Securities and Exchange Commission (SEC) filed a lawsuit against the Binance exchange and its founder Changpeng Zhao.
Source: Bits
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