A businessman who was an early investor in a bankrupt professional football league called American Football Association He pleaded guilty on Monday to charges related to his involvement in the cryptocurrency scheme. 600 million dollar deal.
Reginald Fowler was charged with bank fraud, wire fraud and other crimes that prosecutors say contributed to the AAF’s rapid demise in 2019.
The indictment in Manhattan federal court comes at a time when other emerging leagues are trying to compete with the NFL. In 2019, AAF ran out of money after eight weeks on its books.
Fowler, 63, of Chandler, Ariz., was once known for trying to buy the Minnesota Vikings in 2005. He found himself a minority owner before his involvement with the team ended in 2014.
In a statement, U.S. Attorney Damian Williams said that under the crypto program, Fowler “helped process hundreds of millions of dollars in unregulated transactions on behalf of several cryptocurrency exchanges, circumventing anti-corruption protections. The U.S. financial system was not used for criminal purposes.”
Prosecutors also alleged that Fowler lied to AAF leaders, saying he controlled tens of thousands of dollars in bank accounts through real estate investments and government contracts.