Friday, September 30, 2022

Reggie Fowler Pleads Guilty Following Indictment for Crypto Fraud

National Football League (NFL) and Vikings ex-owner Reginald ‘Reggie’ Fowler, a 63 years old Arizona citizen, has been indicted for the provision of shadow banking service to crypto inclined exchanges. He has pleaded guilty to the charges laid against him as was announced today by the United States District Attorney, Damian Williams.

Reggie was involved in a series of illicit activities ranging from involvement in unauthorized money trading to conspiring with businesses operating without a license to conduct money transfers. All these, he did with his privately owned crypto venture known as Crypto Capital Corporation which is currently unauthorized to conduct such trades.

Crypto Capital Corp paraded and disguised itself as a crypto firm charged with storage and processing of funds that are linked to big names in the crypto exchange industry like Binance (the world’s largest cryptocurrency exchange), Kraken (one of the exchanges that have just received an operational UAE license) and BitMEX.

Bitfinex is currently the affected crypto exchange as it has lost funds running into millions in its hundreds. Although the total amount embezzled from Bitfinex has not been disclosed, there is a calculated total of $750 million from both deposits and withdrawals performed on many crypto exchanges.

Reggie Fowler Has Multiple Bank Fraud Trials

This is barely the first time Reggie is facing such charges. Three years ago, he had faced a similar fate as he was accused of being a part of bank fraud and other offenses. With the numerous charges levied against him, he is liable to face a maximum of 90 years imprisonment which would be decided by United States District Judge, Andrew Carter.

He had even extorted the Alliance of American Football (AAF) and had claimed high investment stakes in AAF which eventually led to the closing down of the league to date.

Reggie is meant to face trial on Monday 16th May 2022 but as a means of escaping the possible ‘hard knock’ verdict of the Department of Justice, his lawyer has petitioned to withdraw his trial while he enters a plea. The siblings who partnered with him to commit this offense, Ravid and Oz Yosef are yet to be apprehended.

The regulatory watchdogs are set on their feet to handpick and sanction anyone who defaults to the rules and structures set in motion. Financial players are also advised to introduce anti-money laundering schemes in their operations.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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