AAF investor pleads guilty to crypto regulation

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NEW YORK – A businessman who was one of the early investors in a failed professional football league called the Alliance of American Football, pleaded guilty on Monday to charges against him in a $ 600 million cryptocurrency scheme.

Reginald Fowler was charged with bank fraud, bank fraud and other offenses that prosecutors say contributed to the AAF’s rapid dismissal in 2019.

The guilty plea in Manhattan’s federal court comes at a time when other start-up leagues are making long-term bids to loosen the grip of the National Football League on professional football. In 2019, the AAF shut down after eight weeks when it ran out of money.

Fowler, 63, of Chandler, Arizona, was once known for trying to buy the NFL’s Minnesota Vikings in 2005. He ended up as a minority owner before his involvement with the team ended in 2014.

In a statement, U.S. Attorney Damian Williams said that as part of the cryptocurrency scheme, Fowler helped process hundreds of millions of dollars of unregulated transactions on behalf of several cryptocurrency exchanges, circumventing the money laundering safeguards required by licensed institutions , which ensures the US financial system is not used for criminal purposes. “

Prosecutors also claimed that Fowler lied to AAF executives by claiming that he controlled bank accounts with tens of millions of dollars from real estate investments and public contracts that he could use to invest in the league.

“Having accepted full responsibility in an open plea today, Reggie will have the opportunity to be heard at sentencing regarding his understanding of the circumstances of the offenses and key issues such as the correct amount of financial loss attributable to Reggie. , “Defense Attorney Edward Edward Sapone said in a statement.



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