NEW YORK — A businessman, who was one of early investors in a failed pro football league called Alliance of American Football, pleaded guilty Monday in a $600,000,000 cryptocurrency scheme.
Reginald Fowler was arrested for wire fraud, bank fraud, and other offenses which prosecutors claim contributed to the AAF’s rapid demise in 2019.
Manhattan federal court accepted the guilty plea at a time other leagues are trying to weaken the grip of the National Football League on pro football. After eight weeks of insolvency, the AAF was forced to close its doors in 2019 when it ran out money.
Fowler (63), a Chandler, Arizona resident, was once famous for his attempt to buy the NFL's Minnesota Vikings team in 2005. Before his involvement in the team was ended in 2014, Fowler became a minority shareholder.
U.S. attorney Damian Williams released a statement saying that Fowler helped to process “hundreds of millions of dollars worth of unregulated transactions on behalf dozens of cryptocurrency exchanges. He evaded the anti-money laundering safeguards required by licensed institutions that ensure the U.S. finance system is not used in criminal activities.”
Fowler, according to the prosecution, also claimed that Fowler lied about AAF executives. He claimed that he had bank accounts that contained tens to millions of dollars of real estate investments as well as government contracts that he could use for investment in the league.
Edward Sapone, defense attorney said that Reggie has accepted full responsibility and made an open plea. Reggie will be able to testify at sentencing about his understanding of the facts of the offenses as well as key issues such as Reggie's monetary loss.