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- 1 Former Minnesota Vikings minority owner sentenced for six years, three months.
- 2 He is penalized $740 million and a compensation loss of $53 million.
Reginald Fowler, the former Minnesota Vikings part owner, was convicted in Manhattan Federal court. He has cheated the professional football minor league the Alliance of American Football by boasting that he has enough funds to acquire the team.
The football league declared bankruptcy in 2019. The league ran out of money due to Reginald Fowler’s fraudulent handling of bank accounts, where he invested funds from real estate and government contracts.
The March 2018 founded league had a short lifespan until 2019. Moreover, it had liabilities totaling more than $48 million.
Fowler Became Part Owner Of the Minnesota Vikings in 2014
Minnesota Vikings part owner, Fowler belongs to Chandler, Arizona. In 2005 he tried to buy the football league team. He became the minor owner in 2014. The 64 years old sports investor owns sports companies like Kyrene OEM and Spiral Inc.
Before having a stake in the Minnesota Vikings, Fowler was burdened with $60 million in debt. Gradually, he lost control of the companies. To convince the existing owners of Alliance of American Football owners that he could support the team he used accounts that were used for crypto transactions.
Former Owner Lied With Executives Of Minnesota Vikings
Prosecutors said that he lied to the executives of the team. Reginald said that he has sufficient to support the team. He can use millions of dollars from real estate investments and through government contracts. Consequently, he argued that the league’s parent company should recognize him as the largest shareholder.
The prosecutor also added that he has lied to the Bank that could have faced a severe action for assisting the unlicensed money services business.
According to U.S. attorney Damian William, Fowler broke the law by conducting hundreds of millions of dollars worth of transactions as a representative of cryptocurrency exchanges, effectively acting as a shadow bank. These transactions are unregulated.
He has violated federal anti-money laundering laws. He pleaded guilty for charges of fraud, and managing un-licensed money transactions. The violation is thus penalized by submitting the amount of $740 million and compensation loss of $53 million.
Fowler conducted approximately $750 million in crypto transactions over a period of 10 months. His firm, Global Trading Solutions, worked as a payment processor for Crypto Capital.
In a jointly made sentencing submission, defense lawyer Edward Sapone stated that Fowler deeply regrets being implicated in criminal activities despite his contributions to his family and community.
The defense lawyer also emphasized that the Minnesota minority owner deeply regrets his actions and that the American Football League did not benefit from the planned investments.
The former owner of Minnesota Vikings bank accounts was seized and so he could not invest the sum of money, which he confirmed to invest.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
