A businessman who was one of the early investors of the Alliance of American Football pleaded guilty earlier this week to charges accusing him in a $600 million cryptocurrency scheme. Reginald Fowler was charged with bank fraud, wire fraud, and other offenses that prosecutors say contributed to the football league’s quick demise back in 2019.
He was initially arrested in April 2019 and planned to plead not guilty, but then changed it to one guilty plea of operating an unlicensed money transmitter. He then withdrew his offer after being faced with having to repay nearly $400 million, via Front Office Sports. As a result, Federal authorities slapped him with additional charges.
The 63-year-old was once known for trying to buy the NFL’s Minnesota Vikings in 2005. He attempted to acquire the Minnesota Vikings for $600 million, but failed to come up with the money and withdrew his bid when he could not provide details about his stake in the ownership group. He ended up as a minority owner before his involvement in the team ended in 2014.
In a statement, U.S. Attorney Damian Williams said that as part of the crypto scheme, Fowler “helped process hundreds of millions of dollars of unregulated transactions on behalf of numerous cryptocurrency exchanges, skirting the anti-money laundering safeguards required of licensed institutions that ensure the U.S. financial system is not used for criminal purposes.”
Prosecutors also alleged that Fowler lied to AAF executives by claiming he controlled bank accounts with tens of millions of dollars from real estate investments and government contracts that he could use to invest in the league.
“Having accepted full responsibility in an open plea today, Reggie will have the opportunity to be heard at sentencing as to his understanding of the circumstances of the offenses and pivotal issues such as the proper amount of monetary loss attributable to Reggie,” defense attorney Edward Sapone said in a statement.
Fowler, a former football player, was facing a maximum of 90 years in prison.
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