Former Vikings Co-Owner Fowler Receives Prison Sentence for $700 Million Unlicensed Cryptocurrency Business
Reggie Fowler, former co-owner of the NFL's Minnesota Vikings, was sentenced to over 6 years in prison for a $700 million cryptocurrency scam.
Fowler pleaded guilty to federal charges including wire fraud, bank fraud, and operating an unlicensed money transmitting business.
Prosecutors said Fowler evaded laws by processing hundreds of millions in unregulated crypto transactions as an unlicensed shadow bank.
He falsely claimed accounts were for real estate deals when they were for quick crypto transactions.
In less than 10 months, Fowler processed around $750 million in crypto transactions without proper licensing.
Fowler was also accused of defrauding the failed Alliance of American Football league in 2018 by lying about his net worth.
He victimized the AAF by falsely claiming he had tens of millions in bank accounts and government contracts to fund the league.
As part of his sentence, Fowler must forfeit $740 million and pay $53 million in restitution to the AAF.
Previously, Fowler was a minority owner of the Vikings but gave up his stake in 2014 amid financial troubles.
He still wanted to be in pro football and lied to invest in the AAF, showing his persistence despite previous legal and financial issues.