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#Reginald Fowler: From NFL Shareholder to Crypto Money Laundering Accomplice

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On April 19, the US prosecutor said that Reginald Fowler, the former minority shareholder of the National Football League (NFL) Minnesota Vikings, admitted that he helped the crypt

#Reginald Fowler: From NFL Shareholder to Crypto Money Laundering Accomplice

On April 19, the US prosecutor said that Reginald Fowler, the former minority shareholder of the National Football League (NFL) Minnesota Vikings, admitted that he helped the cryptocurrency exchange evade money laundering rules and should be sentenced to seven years in prison and confiscated more than 740 million US dollars. Prosecutors claim that Reginald Fowler established Global Trading Solutions LLC, which collaborates with a company called Crypto Capital to allow cryptocurrency exchanges to exchange its digital currency for cash. Reginald Fowler is accused of opening multiple accounts at a US bank, falsely claiming that these accounts are used for real estate investment transactions, with the real purpose of processing cryptocurrency transactions. (Bloomberg)

US prosecutor: Former NFL investor sentenced to 7 years in prison for cryptocurrency fraud and confiscated over $740 million

##Introduction
On April 19, 2021, the world of cryptocurrency faced yet another blow. Reginald Fowler, the former minority shareholder of the National Football League team, Minnesota Vikings, admitted to aiding a cryptocurrency exchange to evade money laundering rules. Prosecutors are seeking a seven-year prison sentence and a fine of over $740 million for Fowler’s crimes. This article delves deeper into the legal proceedings and what led to Fowler’s downfall.
##Reginald Fowler and Global Trading Solutions LLC
Reginald Fowler established Global Trading Solutions LLC, which partnered with a company named Crypto Capital. Crypto Capital is notorious for criminal links and is accused of providing banking services to illegal cryptocurrency exchanges. Fowler is charged with opening several bank accounts at a U.S.-based bank, claiming these accounts were for real estate investments. The accounts were, in fact, utilized for processing cryptocurrency transactions, and Fowler is accused of falsifying the accounts’ purpose.
##The Money Laundering Allegations
Global Trading Solutions was established to facilitate cryptocurrency exchanges, helping these exchanges convert digital currency to cash. However, the company is now accused of being an accomplice to multiple money laundering schemes. Fowler is accused of knowingly allowing Crypto Capital to utilize Global Trading Solution’s bank accounts to launder millions of dollars. Crypto Capital is accused of providing banking services to notorious cryptocurrency exchange Bitfinex, which was used to launder money.
##Fowler’s Admission of Guilt
Upon being charged, Fowler admitted to his crime and agreed to repay the money laundered through Global Trading Solutions’ bank accounts.. Fowler now faces a lengthy prison sentence and the forfeiture of $740 million. Despite his confession, prosecutors believe Fowler has not cooperated fully or disclosed all illegal activities he was a part of.
#Conclusion
Reginald Fowler’s story serves as yet another warning to those involved in the world of cryptocurrency. The lack of regulation in the industry makes it easy for criminals to launder money, thus making the industry susceptible to being exploited. It’s crucial to ensure proper regulations aiding in the eradication of money laundering in the crypto space.
#FAQs
Q. What is money laundering?

A. Money laundering is the process of disguising illegal gains from criminal activities as legitimate income.
Q. What led to Fowler’s arrest?
A. Reginald Fowler was arrested for aiding a cryptocurrency exchange to evade money laundering rules.
Q. Can cryptocurrency be used for illegal activities?
A. Yes, cryptocurrencies are often used for illegal activities, including money laundering and funding terrorism.
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