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Once a key shareholder in the Minnesota Vikings, Reggie Fowler will now trade his luxury lifestyle for a six-year stint in prison. His new home is a consequence of orchestrating a cryptocurrency fraud worth $700 million, a feat that has led to a fall from grace as striking as it is sobering.
On a Monday in New York, Fowler was handed his sentence, a full 75 months behind bars. The sentence followed his April 2022 confession to a series of federal offenses that included wire and bank fraud, as well as conspiracy to run an illegal money-transmitting business.
The case against Fowler highlighted his disregard for federal regulations, as he facilitated illicit transactions worth hundreds of millions of dollars for cryptocurrency exchanges. Fowler founded Global Trading Solutions LLC, which partnered with Crypto Capital to provide a covert conduit for crypto exchanges to convert their digital assets into cash.
The 64-year-old Phoenix native drew further ire by establishing multiple bank accounts under false pretenses, claiming they were intended for real estate deals. However, these accounts were actually designed to accommodate a get-rich-quick scheme involving cryptocurrencies. Fowler's deceptive actions put banks at risk of regulatory penalties for abetting an unauthorized money services business.
Before his fall, Fowler was part of an investment group that bought into the Vikings in 2005. Although he lacked sufficient capital to buy the team outright, he still purchased a minority stake alongside majority owner Zygi Wilf. However, Fowler relinquished his stake in the NFL team in 2014 after experiencing financial setbacks that left him with nearly $60 million in debt.
Fowler's actions against the AAF cost him dearly. His sentence includes forfeiting $740 million and making $53 million in restitution payments to the AAF, marking the end of a deceit-ridden chapter in professional sports.
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