Home Cryptocurrency News Professional soccer investor pleads responsible in cryptocurrency scheme

Professional soccer investor pleads responsible in cryptocurrency scheme

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A businessman who was one of many early buyers in a failed skilled soccer league known as the Alliance of American Soccer has pleaded responsible to costs accusing him in $600 million cryptocurrency scheme

Reginald Fowler was charged with financial institution fraud, wire fraud and different offenses that prosecutors say contributed to the AAF’s fast demise in 2019.

Fowler, 63, of Chandler, Arizona, was as soon as identified for attempting to purchase the NFL’s Minnesota Vikings in 2005. He ended up as a minority proprietor earlier than his involvement within the staff resulted in 2014.

In an announcement, U.S. Lawyer Damian Williams stated that as a part of the crypto scheme, Fowler “helped course of tons of of tens of millions of {dollars} of unregulated transactions on behalf of quite a few cryptocurrency exchanges, skirting the anti-money laundering safeguards required of licensed establishments that make sure the U.S. monetary system will not be used for felony functions.”

Prosecutors additionally alleged that Fowler lied to AAF executives by claiming he managed financial institution accounts with tens of tens of millions of {dollars} from actual property investments and authorities contracts that he might use to put money into the league.

“Having accepted full accountability in an open plea immediately, Reggie may have the chance to be heard at sentencing as to his understanding of the circumstances of the offenses and pivotal points comparable to the right quantity of financial loss attributable to Reggie,” protection lawyer Edward Sapone stated in an announcement.


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